The concept of probate and estate planning is an essential aspect of one’s life. Estate planning can mean the difference between leaving your family in financial turmoil and leaving them well provided for. It takes strategic planning to create an estate plan that gives you peace knowing your wishes will be carried out just as you want. And we are always happy to help.
Our Long Island estate planning & Probate lawyers are committed to offering you comprehensive estate planning and assistance during probate. We remove the hassle of asset transfer, minimize cost, and give you lasting peace of mind.
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We do not just do whatever you request but what we know is best for you out of experience. For years, we have served several clients throughout Long Island, elderly individuals and personal representatives alike. We know the issues people often face and we take it as our duty to help you prevent such issues through proper estate planning and probate administration.
Let us help you. Call us today to speak with an estate planning & probate lawyer in Long Island.
A crucial aspect of Estate planning involves making plans for the transfer of your assets when you pass away, ensuring it is done efficiently and at minimum cost. There are ways to do this:
- Writing a will: A will, formally called a last will and testament, is a legal document on which you state clearly your wishes regarding the distribution of your estate. Your estate in this sense includes all that you own that has financial value.
As simple as writing a will may seem, it is not always so, especially when you have complicated assets or a complicated family. That’s where we come in.
As your estate planning lawyer, we can guide you on the best way to distribute your assets to avoid discrepancies and estate litigation among your family. We also offer advice on what assets to address in your will and those to leave outside of it. If you have highly valuable assets, we typically advise keeping them out of the will to avoid probate.
- Living Trust: Trusts are also used for asset transfer but help you do so more efficiently. All assets going through the will pass through probate, hence incurring court fees, publicity, and time-consumption. But with a living trust, your loved ones can inherit your property straight away.
Another important aspect of estate planning is incapacity planning. It is possible that due to old age, you develop a disease such as dementia such that renders you incapable of managing your estate and making competent decisions. Now that you’re sound, you can appoint a trusted individual to manage things for you when you fall into incapacity. There are many ways to plan for incapacity
- Appointing a trustee: We can help you create a living trust and name a successor trustee. During incapacity, your trustee will manage the trust assets on your behalf and always to your best interest.
- Powers of attorney: If you have property outside a living trust, we recommend creating a financial power of attorney to appoint someone who will make decisions concerning such assets. This person can manage your business, make investment, sell, buy, or pay bills on your behalf. A healthcare power of attorney is also important to name someone to make medical decisions for you.
If you have minors and leave assets for them, then it’s vital you name a guardian in your will. Minors cannot inherit until they reach 18, so your named guardian will manage the assets on their behalf until they come of age.
You may have creditors and possible nursing home costs. But on estimating your estate, you have less than enough to foot these while leaving enough for your loved ones. Through asset protection, our estate planning & probate lawyers can help you keep your assets beyond the reach of creditors, nursing home costs, and probate court, enabling the full amount to pass to your heirs.
As an executor of a will, you have several responsibilities. You would deal with all estate assets, debts, taxes, probate and the family. This is a time where executors make a lot of mistakes that lead to lawsuits and more delays. If you need expert assistance for a quick, hassle-free probate, our probate lawyers Long Island are happy to help.