If you look forward to planning your estate, there are many reasons why you should hire an estate planning attorney. Just as with any other legal matter, estate planning is best left in the hands of a legal professional. Ultimately, having an attorney gives you peace of mind knowing that it is in good hands.
Although you can safely create some basic estate planning documents yourself, there are often complexities that come with that option and it becomes disastrous when you make costly mistakes along the way. An experienced estate planning attorney in Mineola, NY 11501 can educate you on the laws regulating estate planning in New York, and as well help you identify any weak points that your self-made estate plan already have. With your best interests at heart, he can help you make important lifetime decisions regarding your estate that your loved ones would live to enjoy after you are gone.
Here are top reasons why you should consider hiring an estate planning attorney
1. Giving financial security to your younger loved ones
There are many ways by which you can leave assets to your beneficiaries. When it comes to providing life-long financial security for your minors and grandchildren, you have to put certain estate planning devices in place in form of trusts and guardianship. This is because minors cannot inherit until they come of age. Your attorney can offer you esteemed advice on how to go about this and utilize the necessary instruments for you.
2. Avoiding court publicity and time wastage
If you have a significantly valuable estate and only create a will to disburse it, then your family would be put through a whole lot of stress during probate. Probate in New York takes time and money and can even lead to litigation. If you do not have a will, probate becomes even worse because the court would decide for you how your estate will be distributed. But an estate planning lawyer will advise you on how using a trust can help avoid probate and bequeath your assets to your beneficiaries immediately you die without having to wait for probate.
3. Avoiding family confusion and conflicts
When something bad — such as incapacity or death — happens to you and your wishes are unknown, each family member would have differing opinions on what you would have wanted. Each sibling or spouse may have an equal say, and then they would also have equal right to litigate. But when you state clearly your wishes in your will, trust, power of attorney, health care proxy, living will, etc., your wishes would be binding and there would be no question as to what your decisions are.
4. Customizing your estate plan
Although you can now download a New York Will online and simply fill in the blanks, be informed that estate planning is not a one-size-fits-all activity. Mr. Smith’s Last Will is not expected to perfectly work for Mr. Blake’s estate. In an attempt to alter the will to suit your estate, you may inadvertently end up voiding its validity. To ensure you get an estate plan that is customized to suit your needs, you may have to discuss with an attorney.
5. Avoiding estate tax
In New York, there are laws which demand that taxes be paid from an estate if a person dies and their estate values over a certain amount ($5.85 million in 2020 and expected to go up in coming years). If your estate is above that amount, the good news is you can avoid the tax legally. But an average employee or businessman cannot just handle such matters as you may be penalized if you make mistakes or attempt to break the law. An estate planning attorney can help you avoid estate taxes by use of gifts, trusts, joint ownership, etc.
Estate planning attorney near me 11501
If you are in need of an estate planning attorney in Mineola, NY 11501 that is well-versed in the estate laws of New York, you can reach out to us at our NY-based law firm today.