Although one can create a simple will on their own, it’s always better to seek professional help when dealing with a complex estates. There are laws binding the creation of wills and trusts in NY 10013 such that when these laws are violated, your documents can end up being discarded.
To ensure your estate plan is properly prepared in New York, it’s advisable to consult a Wills, Trusts, and Estates Attorney 10013.
Our attorneys will listen to your goals and help you strategically design your documents in a way that offers you the best benefits. For instance, if we see that you have a complex estate such as owning real property outside New York, we can help you retitle such property into your living trust. By so doing, we would be making the probate process less complicated than it would have been for your survivors.
Get help from our wills, trusts, and estates attorney by contacting our law office today.
5 Reasons why you need to hire a wills, trusts, and estates attorney 10013
1. Your attorney will help you plan towards Incapacity
By establishing a document known as power of attorney, an estate attorney NY 10013 can help you appoint a competent agent to manage your affairs when you become unable to manage them yourself. The agent may make financial or healthcare decisions for you as you authorize in the document.
2. Help you make relevant considerations and plan accordingly
There are certain complex estate situations your wills, trusts and estates attorney can help you address. These include but are not limited to the following:
- You have complexly owned assets and are unsure how they will pass.
- You have a child with special needs
- You have minors (children below 18 cannot inherit under New York laws)
- Incapacity can happen at anytime, and we need to plan for your care and asset management
- Your debts are heavy and would drain your estate significantly if they must be paid
- You are in a blended family and need assurance that your own kids from the previous marriage get a share in your inheritance when you pass away
- You wish to shield your assets from liens, nursing home costs, etc, while qualifying for Medicaid
- You have a large estate that’s subject to huge estate taxes
- You have property in multiple states
3. Ensuring your will does exactly what you want it to do
A last will and testament is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you are gone. You can decide to leave assets for anyone of your choice, including your spouse, parents, children, grandchildren, friends, charity, or even strangers. However, your will must be written in the right terms to say exactly what you mean. This is where an estate planning attorney comes in.
Your attorney will help you draft your will using the standard terms as recognized by New York law to avoid things going in a way you didn’t plan for when you die. They also help you determine what assets you should address in your will and those best left out.
4. Saving your survivors from the complications of probate
Probate is a problematic legal process that takes place when someone dies leaving estate. It is typically lengthy, costly, and time-consuming in New York. But all of that depends on the nature of the estate passing through probate. The higher the value, the more complex probate tends to be. If that’s your case, you wouldn’t want your survivors to go through the stress before they can inherit your property.
Typically, all assets passed via a will will pass through probate. Depending on the complexity of your estate, a good estate attorney will suggest handling your valuable assets in a living trust so that those passing through probate will be minimized (if all can’t go through the trust). All assets passed in a trust avoid probate.
5. Saving you and your loved ones from huge estate tax
Across states, there is an amount known as estate tax exemption amount. In New York, this amount is $5.93 million as at 2021. If the estimated value of your estate falls below this amount at the time of your death, your estate can pass to your inheritors tax-free. But if your estate exceeds that value, an amount known as estate tax must be paid to the state of New York.
However, through proper planning, an estate attorney in NY 10013 can help you prevent this, ensuring your valuable money goes to those who deserve it most.
Wills and trusts attorney near me 10013
Contact our law office today to get in touch with a wills, trusts and estates attorney near you. Your first consultation is free.