The Estate Planning Process In New York
This article overviews:
- What estate planning is.
- Why estate planning is something you need to consider.
- Why this practice is passionate about estate planning.
Why Is Your Practice Passionate About Estate Planning? Why Is Estate Planning Important?
To varying degrees, I have been practicing law for about 35 years, starting as a clerk while in high school. I stayed with that firm for almost 20 years, moving to secretary and later attorney. I even stayed there after I was admitted. This to say, I have been doing wills, estates, and probate since I was about 16 years old.
More recently, my mom developed Alzheimer’s and had it for about ten years. This experience profoundly changed my focus. I received a real-life, unwanted crash course on the disease and its impact on patients and caregivers. Through this experience, I realized that most people are totally unprepared for the associated expenses.
Thinking back over the 35 years I have been in estate planning law in New York, I realized that most people that I saw over this period writing wills were elderly. Most of the time, this is far too late to start estate planning.
This is why helping people with their estate planning cases became so important to me and my practice.
What Exactly Is Estate Planning? Why Do I Need To Consider It? What Happens When Someone Dies In New York Without Having Proper Planning In Place?
Estate planning is essentially taking an intentional look today at what your estate, or your assets, are.
It is crucial because you have spent your entire life putting away money for when you get old and can no longer work or for your children and grandchildren. Without developing a proper strategy for your estate planning case, you will most likely lose a lot of that money in taxes and capital gains or simply fail to indicate what you want to be done with it.
If someone dies without a will or a trust in New York, their assets go by intestacy. Intestacy means you do not have a will. New York has a schedule for how your assets would pass to your next of kin. Many people mistakenly believe that everything will automatically be distributed to their spouse, but this is not necessarily always the case. What happens if you do not have a spouse? What happens if you have adopted children? What happens if you still have your parents alive when you die? These are all essential things that you must consider.
Estate planning is not always about what will happen 20 years from now. You could get hit by a car today and leave your loved ones in a situation where estate planning would have benefitted them greatly.
With the guidance of a skilled attorney for Estate Planning Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy.
For more information on Estate Planning Law in New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (914) 350-3842 today.
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