New York Estate planning Lawyer
Estate planning is a process of making many important decisions and plans over your future and that of your loved ones. Estate plans, concerns what happen to your assets, finances both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
It is important to note that Estate planning doesn’t begin and end with just the last will and testament. An estate lawyer would also guide you through the process of filing other documents such as trust and ensure the beneficiaries of your estate gets them. Also, in preparing for future uncertainties, it is expected that you plan alongside a New York estate planning attorney when filing documents of high importance like power of an attorney and health care directives.
One major importance of planning your estate is that it prevents the possibilities of probate. Probate is a process in which a courts sits and decides over the authenticity of a will and confer power on the executors of the will to administer the estate. Through the probate process, your assets would be freezed and the beneficiaries would be denied access.
Through the living trust which is a vital estate planning document, probate can be avoided. There are various types of trust, but majorly the irrevocable and revocable living trust. Trust forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable.
Consult with an Estate Planning lawyer to protect your Future and that of your loved ones
Rather than plan your estate alone or with someone who is totally not vast in the field, you should contact an estate planning lawyer New York. This will save you from simple, but yet costly mistakes, which could turn things sore for you and your loved ones.
A New York estate planning lawyer can help in the following estate planning areas:
- Preparing a Living Trust to avoid the probate process along with its hassles.
- Advising you on the best type of Trust to establish, such as an Irrevocable Trust
- Preparing a valid Will according to the state laws.
- Preparing a valid legal power of attorney. You can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable.
- Ensuring that your property is protected from the ravaging clutches of your beneficiaries’ creditors.
- Distributing your estate to your beneficiaries in the manner you so wish.
- Help prevent guardianship for minors and those incapacitated. Through an advance medical directive also known as a medical power of attorney, you get to designate a health agent to make medical decisions when you are unable to do so.
- Drawing out the best and most suitable retirement plan.
- The NYC estate planning attorney will also help in putting your brokerage accounts, debt, personal properties, business and partnership interests, as well as insurance policies into business entities or Trusts.
- Establish a healthcare plan that suits your needs as well as help you file an advance medical directive. Through this, you can designate a health care agent or a trustee to make medical decisions for you when you become mentally incapable.
- Help you know when best to update your estate plan. (Your estate plan can always be adjusted so far you’re still alive.
With an experienced New York estate planning lawyer, you can start planning your estate today.