It is crucial to work with experienced estate planning lawyers in Long Island so that you can have peace of mind for the future. With so many things to consider and address in your estate plan, it’s always better to have expert guidance from an experienced professional so they can help you put the right strategies in place.
And our estate planning lawyers Long Island are always ready to help.
If you are looking for the best estate planning lawyers in Long Island, contact our law office today.
Our estate planning lawyers can help you map out an estate plan that covers all your needs and goals, ensuring your best interests are protected and you enjoy all the benefits available to you.
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Frequently asked questions (FAQs) about Estate planning Long Island
What are the basic estate planning documents in Long Island?
Estate planning must-haves include:
- Will/trust: for the bequeathal of properties to desired beneficiaries when you pass away.
- Durable power of attorney (POA): This document enables you to appoint an individual who will act on your behalf when you are unable to manage things yourself. This person may make decisions concerning your assets, investments, business transactions, buying and selling, real estate, and bills as if they were you. Without the power of attorney, the court may be the one to decide what happens to your possessions.
- Medical power of attorney: To appoint an individual to make medical decisions on your behalf just as with the durable power of attorney.
- Beneficiary designations: Certain assets, including 401(k) and life insurance, may not pass through your will. Hence you must designate beneficiaries in the documents.
What are the things that make up a person’s estate?
A person’s estate is the sum total of all they own, including assets (such as buildings, bank accounts, jewelry, stocks) and liabilities (such as debts and mortgages). People wrongly associate the word estate with the wealthy but the truth is that almost everyone has an estate. That car, musical instrument, bank account, 401(k), life insurance policy, business, home, or bike is a piece that makes up your estate.
Do I have to do estate planning?
Estate planning is important for everyone. It’s the only way you can make your wishes officially known and honored when you pass away or can’t speak for yourself. If you die without putting a plan in place, such as how your assets should be managed or distributed, chances are that they will fall into the hands you do not want because the court would decide for you by default since your wishes are not known. Those who deserve your property most may not be the ones to get it.
When should I use a trust instead of a will?
The choice of using a will, trust, or both documents in your estate plan will depend on the kind and value of estate you own. If your estate is very small and simple, then a will is optimum. If the sum total of your taxable estate falls below $30,000 in Long Island, then there will be no probate. Hence, there’s no need to use a trust. But in cases where you have a large estate, it’s best to use only a living trust or in combination with a will to avoid the complexities of probate. Using a trust will typically offer tax savings (for large taxable estates), probate avoidance, and ease of asset transfer. A trust will therefore be unnecessary if these things will not be a problem for your estate.
Who is estate planning for?
Contrary to what most people think, estate planning is not only for the high net worth individuals but for anyone who wants their wishes to be heard and their best interests protected. If you have any property, be it a bike, and want it to go to someone specific when you pass on, then you need to let your wishes known in your estate plan.
Furthermore, estate planning is not all about asset transfer. You still have to plan towards retirement and long term care so that you can live your last days in comfort.
Do all estates go through probate in Long Island?
Only a probatable estate goes through probate in Long Island. This include any possession you own in your name alone and without a beneficiary designation. The following assets will not go through probate in Long Island:
- Life insurance, retirement accounts, and Transfer-on-death bank accounts (there is a designated beneficiary who the asset will go directly to)
- Assets held in a trust (because the trust is now the owner of the asset)
- Property held by joint tenancy (because there is a joint owner who will inherit the property directly)
Since only assets you own in your name alone can go into your will, hence, all assets passed by a will must go through probate.
However, if your estate does not exceed $30,000 in Long Island, there will be no probate.
Speak with an Estate Planning Lawyer Long Island
To ensure you get your estate plan right, contact us for a consultation with one of our Estate Planning Lawyers Long Island.
