Understanding Estate Planning NY

Understanding Estate Planning NY

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Whether you are looking to create an estate plan for yourself or for a loved one, seeking professional assistance from an estate planning attorney is the best way to start. An experienced attorney can enlighten you on such things about estate planning in New York that you never even know were worth considering, and can save you and your loved ones the time and stress they would have gone through if you made any mistakes. If you need help from an estate planning attorney near you in Port Washington, NY 11050, give us a call.

Important things to consider about estate planning in New York

When people talk about death and their end of life, it is common to hear some people say “when I get to the bridge, I’ll cross it” and come to think of it, it is true indeed. But is death all about the dead? What about the loved ones they leave behind? What about their property and how they must be disposed? What about estate taxes? When one gets so old and develops an illness that makes them incapable of making their own decisions and caring for themselves, who becomes responsible for doing all that for the person? All these things can cause trauma to the loved ones as they would be put in confusion, not knowing what you would have wanted.

But through estate planning, you can express clearly your wishes so that when there is an unfortunate but expected eventuality, your voice would still be heard.

In short, estate planning has to do with considering both the disposal of your estate after death and its management during incapacity. To this end, a competent estate planning attorney such as we have can help you:

  • Draft a customized will
  • Establish a trust
  • Create durable powers of attorney and healthcare proxy
  • Find ways to minimize or avoid estate taxes as the case may be
  • Name a legal guardian who would look after your minors when you leave them behind
  • Plan towards minimizing or avoiding probate
  • Walk your personal executive through the probate process

Estate planning is not only for the wealthy

It is wrong to think estate planning is for only the rich and famous. So long you have some assets to your name, no matter their value, it is important you state clearly now who you want each to go to in order to avoid confusion and squabbles over your property. Even though you don’t have much, through estate planning you can provide for your kids by placing investments in trusts for the dividends to be released to them in the future. But estate planning is not all about assets. You can use it to prepare for long term care, Medicaid, incapacity, thus preserving your general well-being.

Essential estate planning documents you should have

There so many documents which your estate planning attorney can prepare for you. But among all, there are essential ones which give you a basic coverage, after which the attorney will then assess your situation to determine what else needs to be added.

The documents include:

  • Last Will: This document is used to express your wishes regarding the distribution of your possessions after you die. It only goes into effect after death. A will ensures that your hard-earned assets go to only those who you desire as your beneficiaries and in the proportion you desire. Without knowing your wishes, the state would give your assets to your default heirs (wife and children) in a default proportion.

In a will, you can name guardians for your minors.

  • Living will: this form of will expresses your wishes regarding your end of life. Also known as an advance healthcare directive, it spells out your healthcare preferences in certain medical conditions when you can no longer actually make those decisions coherently.
  • Healthcare proxy: also known as a medical power of attorney, the healthcare proxy appoints an agent to be legally responsible for making medical decisions on your behalf when you are unable to make them yourself.
  • Living trust: A living trust can be used to avoid probate and minimize estate taxes. This is because assets placed in a trust assumes the name of the trust, but only assets which are in your name only are subject to probate. The trust’s assets will pass directly to the beneficiary through the trustee and not the court.
  • Power of Attorney: A power of attorney appoints someone to be in charge of certain matters — such as legal and financial matters — on your behalf when you are incapacitated.

Estate Planning Attorney near me 11050

If you require assistance in creating a proper estate plan in New York, 11050, contact us to speak with an experienced estate planning attorney.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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