A good estate plan doesn’t just concentrate on beneficiaries, it also focuses on the estate owner, you. When making plans regarding how you ought to distribute your wealth to your family members and loved ones, it is important you consider your wellbeing as well. Should you become incapacitated without writing a will or planning an estate, you won’t have a say regarding who is to make crucial health care decisions while you remain incapacitated. An estate planning attorney is vital to any estate plans you have in mind.
What would our estate planning attorney do for you?
Create wills and trusts
We can help you create wills and trusts with clear written instructions as regards what portion of your estate should go to each beneficiary. While it is possible for you to write a will yourself, it is important that your will contains the right words in order to perform exactly what you want it to. An experienced attorney knows the right terms to use so as to eliminate ambiguity and mistakes which may result in confusion and even lawsuits when you die. That can be disastrous for your family.
Help you through probate
Probate is a court-supervised procedure carried out after your death in order to validate your will and dispose your estate. Probate in New York is typically a challenging affair for surviving families especially for large estates. It incurs so many expenses and involves a lot of paperwork and time wastage. It may drag on for a year or more before your loved ones can inherit. If you do not want this, we can help you avoid it by holding your assets in trusts other than a will.
Our estate attorney also provide legal guidance and representation to personal representatives executing a will or administering an estate in the absence of a will. We understand the complexities of New York Probate and so help the personal representative to navigate the process. Our aim is to make probate as seamless and short as possible.
Help you create plans towards unforeseen incapacity
Incapacity is a contingency highly worthy of your consideration. At any time, one can become incapacitated due to terminal illness, dementia, etc., and so would need someone else to act on their behalf. Now that you are yet healthy is the right time to prepare for that. To prepare for incapacity, we can help you establish a:
- Durable financial power of attorney: in which you appoint someone to manage your assets and make financial decisions for you in the event of incapacity;
- Durable healthcare power of attorney: in which you appoint someone to make healthcare decisions for you in the event of incapacity;
- Living will: in which you state your healthcare preferences for end-of-life situations.
Help in estate tax estimation and payment
The state of New York imposes a tax on estates valuing over $5.85 million for deaths in 2020. A federal estate tax will also be paid if your estate is more than 11.58 million. If your estate is well below this, you have nothing to worry about but if it surpasses it, then our estate planning attorneys can employ legal provisions by which you can avoid or minimize the tax as the case may be.
What could go wrong with a ‘do it yourself’ estate plan?
It could be tempting and perhaps less expensive to make estate plans all by yourself. The dangers lies in not creating the proper plans which would be fit to stand in New York. While it may not be bad engaging in steps involved in planning your estate, it is a bad idea to go do it all yourself without involving an estate planning attorney near you.
While wills are now downloadable online, be aware that estate planning is not one-size-fits-all. There may be a need to customize your will to suit your estate goals without compromising the validity of your document, and it becomes imperative you seek help from an experienced estate planning lawyer near you.
Contact an estate Planning Attorney today.
If you reside in the city of New York and you need the assistance of a good estate planning attorney for your estate, you can count on us! We boast of the best estate planning attorney in the state. Contact us now!