The importance of an estate plan cannot be overemphasized as it is a crucial life planning process that is limited to allow of inheritance after the death of an estate owner. An estate plan is not a will, neither is it a living trust rather, it is the collection of all legal directive made during your lifetime to govern the diligent management of your assets should you become incapacitated likewise the smooth transfer of assets to designated beneficiaries after your death.
There are various templates online for preparing an estate plan, you should only look them up if you are curious as to how an estate planning document looks like or how it is created. However, we do not advise that you consider this a greenlight to creating your estate plan on your own. Preparing an estate plan in New York involves knowledge of legal intricacies that every estate must follow as such, the right individual for this job is a credible legal practitioner who specializes in estate affairs in New York. This individual is known as an estate planning attorney.
Estate planning is not a DIY activity, do not plan alone. Hiring an estate planning attorney is the right way to go about this process and it comes with several benefits which includes;
- With the assistance of an estate planning attorney you can create a will that mirrors your intentions.
- With the help of an estate planning attorney, you can choose who will benefit from your estate.
- An estate planning will help you prepare a durable power of attorney to help designate a trustworthy individual that will make financial decisions in when you are unable to due to incapacitation.
- An estate planning attorney can help you avoid paying huge estate taxes by employing legal strategies.
- An estate planning attorney will help you create a living trust to hold your assets. A trust can help protect your estate from probate and creditors claim. It can also be beneficial should you become incapacitated.
- An estate planning attorney also offers more than just legal documentation, he offers due representation in court cases regarding the estate of their client.
An estate planning helps you to prepare the following estate documents in compliance with the New York estate laws.
Wills are simply what an estate owner wants regarding the estate. As basic as it might seem, it is a very powerful estate plan document, which is the bedrock that holds the desires of an estate owner when they die. Our firm’s estate planning attorney helps draft a comprehensive and detailed will, while considering all your assets in New York and those that are better left out of the will. It is important to note that a last will and testament will only come into effect after the principal dies.
Using a will is quite stressful as it must undergo probate before assets can be transferred to designated beneficiaries. A living trust on the other hand enables the estate beneficiary to receive allocation without going through the court process of probate, which is often resource consuming. The estate planning attorney helps you transfer your assets into a living trust document that grants you power to designate a trustee who manages them should you become incapacitated and/or for the designated beneficiaries. Unlike a will that is a public document in the court of law a trust is not and it provides privacy.
Power of attorney:
Life situations such as incapacitation can be planned for and it is advisable to have someone to fill in the vacuum and make decisions as you would and on your behalf. The power of attorney is a powerful and highly important document in an estate plan as it allows you to appoint a competent individual of your choice to make financial decisions in your stead. Designating a trustworthy professional is advised
This is similar to the durable power of attorney; in fact, it is a type of POA that deals with the healthcare provisions of an estate owner. It grants power to appoint an individual to make favorable decisions regarding your treatment options and healthcare services in all, when you can no longer make these decisions due to incapacitation.
Contact our New York law firm today to enjoy the benefits of hiring an estate planning attorney