Estate Planning Lawyer Long Island

What Are Some Challenges Faced During Probate?

Are you looking to hire an estate planning lawyer in Long Island? Contact us. We will get you in touch with one of our estate planning lawyers serving Long Island.

With an estate planning lawyer from our law firm, you can have peace of mind that your best interests will be protected. We will help you plan for the efficient distribution of your assets so that time, hassles, and tax are minimized. But that’s not all.

We also help you plan towards incapacity, ensuring that you put certain instructions and strategies in place so that your personal and financial affairs are in competent hands when you become unable to manage things yourself, and that you are not taken advantage of.

Your peace of mind matters to us. Let us help you plan so you can look forward to the future without fear but assurance. Contact us today for expert guidance from an estate planning lawyer Long Island.

Essential documents for estate planning Long Island

Last will and testament

On your last will and testament (simply called a will), you get to name whoever you decide to give a share in your estate. It is important you use the right terms recognized by the probate court to avoid causing more harm than good. And that’s where we come in.

Knowing your wishes, we will help you express them accurately in your will. But that’s not all.

It’s important you pass the appropriate assets in your will such that does not make the inheritance process complicated for your loved ones. And we will help you do so

 Your will doesn’t take effect until after death, so we can always help you update it when your situation or wishes change.

Trust

Once you pass away, your will must be admitted into the probate court for validation. If found to be valid, the probate process commences where your executor will have to settle your debts, taxes, manage your investments, and distribute your assets. This process is typically complex, expensive, and lengthy in Long Island, taking months and even over a year before your inheritors can inherit.

But you can pass your assets in a trust rather than a will. With a trust, your assets pass to the beneficiaries immediately without passing through probate. Your estate planning lawyer Long Island will help you address the appropriate assets in your will and trust ao that probate (and all its issues) is minimized or avoided altogether.

Since there are different kinds of trusts with different purposes, we will advise you on which to establish based on your estate situation and goals.

Power of attorney

A power of attorney (POA) is a document on which you name someone to manage your affairs on your behalf when you become unable to handle them yourself.

  • Durable financial power of attorney: With a durable financial POA, you appoint a trusted and competent agent to make financial decisions on your behalf. It is durable because it is still effective when you become incapacitated. It is an essential document for incapacity planning such that when you become incapacitated due to age or illness, there will be someone competent running things in your shoes. They are legally bound to always act in your best interests.
  • Healthcare power of attorney: This document allows you appoint someone to make medical decisions on your behalf when you become incapacitated.

Living will

During an end of life situation, it could be that you wouldn’t want to be kept on life support for long when there’s almost no likelihood for survival. But you can’t make such decisions then. That’s why you have to make them now in your living will.

Other things your estate planning lawyer Long Island can help you do

  • Creating a Pour-over will: An irrevocable trust offers so many benefits like avoiding probate, estate tax, debts, among other costs. But the problem is that you can’t use the assets held therein. They become the sole property of the irrevocable trust. However, if we see that an irrevocable trust is the best thing for you, we can create a pour over will where you can give declare that your assets be funded into an irrevocable trust at the moment of your death. Hence, you can then enjoy your assets until death.
  • Tax minimization: An important aspect of estate planning is tax planning. Get a proficient estate planning lawyer in Long Island from our law firm to help you plan towards tax savings.

Call us today for expert assistance from an estate planning lawyer near you in Long Island.

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