Estate planning is very important, if you value the future and financial security of your loved ones and family. There are several misconceptions surrounding estate planning and this is because many people lack proper understanding of what this planning entails. Some people believe that estate planning is meant for the rich alone; while some people have the mindset that estate planning is meant for the old. Estate planning is meant for both the rich and the poor, and you shouldn’t wait till you start growing white hair before you consider planning your estate.
What is your estate?
Basically, your estate is regarded as your net worth at any point in time. This can include your assets, intellectual properties, etc. Those cars you own, the private jet, offshore account, investment, insurance, etc. comprises of your assets. As you know, when you die, these things won’t be buried with you, neither will they be transferred to a family member or your spouse without due process. Probate will have to be carried out before anything can be transferred.
What happens when you die without and estate plan?
Some people fail to plan their estate while alive and when they die, there exist no plan or will that states how their estate should be managed or shared. In such situation, the government steps in. For instance if that should happen to an individual who resides in New York, his or her estate will be managed and distributed based on the intestate law of New York.
If you die without an estate plan, your friends, family, and loved ones will all battle for a portion of your estate. Those who fill they are entitled to a portion of your estate will file lawsuit in court. Thing can get messy if it gets out of hands.
What is a Will?
A will is simply a legal document that holds the wish of the decedent. This document contains important information like the name of the estate executor, the names of all beneficiaries including the portion of the estate, assigned to them, etc.
An estate executor or estate administrator is an individual chosen by the estate owner to act on his or her behalf after death. It is the duty of the estate executor to handle the probate process on behalf of the estate owner and the beneficiaries.
Probate New York
The probate process is a little different in the City of New York. In New York, your will undergoes pro bate only if you kicked the bucket with an asset that is worth $30,000 or more. Before such a will becomes effective legally, it must be probated by the surrogate’s court situated in the country where the individual kicked the bucket.
In New York, for a will to be valid, it must be signed in the presence of a minimum of two witnesses and each of these witnesses must sign in the presence of each other. Also, a valid will has to be well written, it should also contain (accurately) the wishes of the estate owner.
Estate planning is very important. Several people are not aware of the importance of estate planning. Estate planning is one way to plan for the future of your spouse and those you love. If you die without planning your estate, your asset will be managed and distributed based on the intestate law of New York. This process is often stressful, expensive, and time-consuming.
Probate Attorney New York
Because the probate process can be quite complicated, an estate executor may require the help of a probate attorney. A good probate attorney can assist you with the probate process, thus making it less stressful than it is generally known to be. A probate attorney boast of not just the experience, but the expertise, and resources to ensure that all goes well with your estate.
During a difficult time like the probate process, you need someone that knows the system inside out, someone that can tell you what to expect and what you need to do when confused. A probate attorney can also help in the preparation of an estate plan. So if you have been named as the executor of an estate or you need assistance for that estate plan of yours, you can contact our qualified probate attorneys.
