Estate planning lawyer New York
Estate planning involves making plans as regards one’s personal property and assets. It also, 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.
These plans however should conform to the estate laws of the state where the person owns properties. It is also important to note that state laws rules over estate plan. They dictates what should be included in will, trust or power of an attorney, this state laws in New York, also regulates how the documents are filed and its implementation. An estate planning lawyer, highly knowledgeable in the estate laws of New York, provides clients with legal guidance and advice on the best manner in which their estate should be planned, the right documents as well as its implementations. To ensure the validity, legality and establishment of estate plans, certain documents such as a durable and complete Power of Attorney, wills and living trusts must be available.
An estate planning lawyer handles one or more of the following for you.
- 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 living Trust and revocable living trust.
- Preparing a valid Will according to the state laws.
- 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.
- 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.
- Drawing out the best and most suitable retirement plan.
- 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.
Why you need to plan you estate.
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. This process may be well complicated and frustrating for the beneficiaries of these assets.
Another importance is that, through the appropriate estate plan document, you can designate a health agent to make medical decisions when you are unable to do so. This same document could be filed in court to should it be someone needs to be your guardian or conservator.
Finally, No matter the financial or medical situation you are in today, contact an estate lawyer New York to help you solve one of your most important task in life, which is planning for the future, yours and that of your family.