If you are considering creating an estate plan, then that really is a topic worth considering. But you probably have a lot of questions running through your mind that you don’t know the answers to; questions which make a huge chunk of the estate planning process. You are probably asking yourself questions like: how and where do I begin? What properties would I be addressing? What exactly does my state law allow as regards estate plan? How much does it cost to create an estate plan? How long would it take? It is important that a probate attorney near you can help you answer a lot of these questions.
The probate Attorney 10004 can help protect your best interests
In New York, you can hire the probate attorney 10004 to help ensure that your best interests and those of your loved ones are protected now and after your death. Before beginning the estate planning process, you can discuss with your probate attorney about your assets and how you would like them distributed at your death. Having clarity on this aspect will help you know if you would require an administrator to administer your estate when you die.
This article aims at enlightening you on what to expect when you contact a probate attorney 10004 NY.
Getting to know about the probate process of New York
On your first consultation with the New York probate attorney, he will most likely enlighten you on the probate process of New York. In plain terms, probate is the legal process by which a person’s estate is administered after their death. When the person died leaving a Last Will, the instructions on the Will is used in the disposal of the assets after it has been verified by the court. In the absence of a will, then the New York Intestate Succession Law will be used by the court in determining where the assets will go. But in your case, you are probably thinking about writing a Will or other estate planning document. Know that property held jointly, in a trust, or having designated beneficiary will not go through probate. A Trust allows you to pass property to a beneficiary without going through probate (as opposed to a will) and this is why some people often opt for creating Trusts instead of Wills. The probate process is often costly and typically lasts about 7 months. Your probate attorney will advise you on what asset transfer tool that would be most beneficial to you and your loved ones.
Your probate attorney would have questions for you
When you consult a probate attorney, there are questions they likely would ask you so that they can get a good understanding of the estate and your wishes. Your lawyer may ask you if it would be in your best interest to hold assets in a trust so as to simplify the probate process. This helps them decide on the best way to help you. They may also want to know if your estate is within the “small estate” description. In New York, a small estate is one not exceeding $30,000, and such estates will be administered in a simplified process known as small estate administration. For this reason, it is important you know the estimated worth of your estate, the assets you own, and the manner in which they are owned.
They would offer professional suggestions and opinion
It is good to know which assets you own in your name — such as real estate, automobiles and bank accounts — that would be subject to the probate process. The more expensive the asset is, the more expensive probate will be. After telling your lawyer about your assets and ownership, the attorney will then have to offer professional suggestions, whether to place such assets in a living trust, so as to ease the whole probate process.
Your first consultation is often free
Most probate attorneys will not charge you for your first call or consultation. In most cases, this first consultation can go a long way in satisfying your estate planning wishes.
Contact our law firm for a consultation
Planning your estate is a serious matter, one better handled with guidance from a legal professional. For utmost peace of mind for yourself and your loved ones, contact our law offices for a consultation with a probate attorney 10004.