When it comes to estate planning, there are so many things to plan for. Asset transfer after death, asset management during life, incapacity, and in death, long term care, asset protection, probate and tax minimization, among others. It all starts with wills and trusts.
Wills and trusts are fundamental in your estate plan. They set the tone for your entire estate planning by handling the management and transfer of your possessions when something happens to you.
And to ensure you get it right, it is best to get expert guidance from an estate attorney near you experienced in creating wills and trusts.
If you are looking to hire a wills and trust attorney near you 10022, call our law office to get in touch with one.
How your estate planning attorney NYC 10022 will assist you
It is our approach to offer you a free consultation where you can tell us all your needs and goals. You can tell us about:
- Your family and estate situation
- How you would like your assets distributed amongst your loved ones when you pass on
- Who you would like to manage your financial affairs when you become unable to handle things yourself
- The kinds of property you own
- How your properties are owned
- And lots more.
· Drafting your last will and testament
On your last will and testament (simply called a will), you get to name whoever you decide to give a share in your estate. It is important you use the right terms recognized by the probate court to avoid causing more harm than good. And that’s where we come in.
Knowing your wishes, we will help you express them accurately in your will. But that’s not all.
It’s important you pass the appropriate assets in your will such that does not make the inheritance process complicated for your loved ones. And we will help you do so
Your will doesn’t take effect until after death, so we can always help you update it when your situation or wishes change.
Once you pass away, your will must be admitted into the probate court for validation. If found to be valid, the probate process commences where your executor will have to settle your debts, taxes, manage your investments, and distribute your assets. This process is typically complex, expensive, and lengthy in New York, taking months and even over a year before your inheritors can inherit.
But you can pass your assets in a trust rather than a will. With a trust, your assets pass to the beneficiaries immediately without passing through probate. Your estate lawyer NY 10022 will help you address the appropriate assets in your will and trust ao that probate (and all its issues) is minimized or avoided altogether.
Since there are different kinds of trusts with different purposes, we will advise you on which to establish based on your estate situation and goals.
Other things your wills and trust attorney 10022 will address
If you leave behind minors, these ones are not allowed to inherit by NY laws. To protect their interests, your lawyer will help establish guardianship in your will, whereby your appointed individual will manage assets for your minors until the come of age to inherit.
If you also have an elderly loved one who needs to be looked after because of their disability, we also represent you in guardianship application.
Your attorney may also help you create the following estate planning documents:
Durable power of attorney (POA): This document enables you to appoint an individual who will act on your behalf when you are unable to manage things yourself. This person may make decisions concerning your assets, investments, business transactions, buying and selling, real estate, and bills as if they were you. Without the power of attorney, the court may be the one to decide what happens to your possessions.
Medical power of attorney: To appoint an individual to make medical decisions on your behalf just as with the durable power of attorney.
Beneficiary designations: Certain assets, including 401(k) and life insurance, may not pass through your will. Hence you must designate beneficiaries in the documents.
How do I get a Wills and Trusts Attorney near me 10022?
Contact us to speak with a wills and trusts attorney near you NY 10022.