Talking about the future, there is so much uncertainty that one never truly knows what lies ahead. But strategic planning can help you prepare for inevitable situations while also avoiding the avoidable unpleasant ones. It is true that everyone will someday die leaving their loved ones and all they have worked for. It is also true that luckily, one would live to a ripe old age. And that’s a very good thing. But then, what happens when you become so aged that you can’t handle your own affairs anymore? What happens to your businesses? Who caters for your personal and fiscal affairs, and handles decision-making for you? And how sure are you that when you pass away, your hard-earned wealth will go to those who truly matter to you? All these you can ascertain true strategic estate planning.
The Estate planning process
Simply put, estate planning has to do with planning for both life and after death situations, and how your estate affairs should be handled when you have no say.
For example, you can decide now who will be responsible for running your business when you fall critically ill. Estate planning comprises a lot of things including decision-making and laying of instructions. Such instructions are not by mere words, but must be put into legal documentation. Estate planning is backed by the estate laws of the state in question. And this is why you would need an estate planning lawyer in New York. As a resident of New York, there is need to understand that the NY estate planning process will be slightly different from that of other states because New York has its own laws. But this is why our estate planning and probate attorneys are here to help.
An experienced probate attorney can help you avoid probate mistakes
As an executor, there are tax return forms to fill and creditors to deal with. If you do not have the full legal and technical know-how to deal with either, you may end of making costly mistakes and wasting estate funds. Be aware that for every wrong action you make, you will be held accountable by the family and you can be dragged to court. But a probate attorney helps you to avoid such mistakes. With their legal expertise and experience, they’ll advise and guide you all through the complicated process of probate, ensuring that the process runs as smooth as possible, and that beneficiaries get their inheritance on time. Contact a probate attorney near you.
Estate documents and things to consider
In creating an estate plan, you have to specify how your affairs should be handled when something bad happens to you.
- Naming a Guardian or trustee
It is bad to imagine, but you can be a victim of a ghastly accident, a deadly disease or mental issues due to age. Then you would need someone trustworthy and competent to care for your estate and decide on your behalf. You have to appoint that person now that you are well. This appointment is legal, and can be done by creating legal documents such as:
- A Trust
- Durable powers of attorney.
An estate planning lawyer NY will help you decide which is suitable for you according to your situation and estate.
- Deciding where your assets will go
When you pass away leaving wealth, your loved ones can go bankrupt if you fail to include them as beneficiaries of your wealth. New York law specifies that only your spouse and kids inherit from your estate when you die. If you desire to leave assets for relatives, friends or other loved ones, then you have to include them in your will or trust.
- Planning for probate
When you die in New York, a legal process known as probate may be required before your loved ones can get a dime from your estate. This process is often a lot of headache for the surviving family of a deceased, and can take a long time. To make the whole process easier for your family, you need to hire a probate attorney NY. Our probate attorneys can help you plan to simplify probate, avoid it, or walk your family through it in the smoothest way possible. We know how difficult it is for them to deal with your loss, so we deal with the situation with empathy.
There is so much that estate planning entails and you may not even know all what you need to plan for. But we are here to help you. By working with a plethora of clients in New York, we know the common problems faced and so will help you plan accordingly. Call us today.