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.
More Information
- Planning To Make Family Transitions
- The Ramifications Of Dying Without A Plan
- Estate Planning For Minors In New York
- Strategies To Avoid Estate Disputes In New York
- Estate Planning For Real Estate In New York
- Preparing For Real Estate Cases In New York
- Wills, Trusts, And Estate Planning Law In New York
- Navigating Estate Planning Law In New York – An Overview
- Healthcare And Your Estate Planning Case
- A Primer On Estate Planning
- Approaching Your Plan From Different Angles
- Unlocking Real Estate Planning
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.
Why Do You Need A Will In New York?
Establishing a Will is an important part of the estate planning process. This enables you to take stock of all of your assets and property and designate how they will be distributed to the beneficiaries.
You deserve the opportunity to choose how your legacy lives on, and how it is passed down to future generations. A Will allows you to do this in a legally binding way – and makes the distribution of your estate as efficient and time effective as possible.
With the assistance of an experienced estate planning lawyer, you will be able to go over the details of your estate and draft a Will that accurately reflects your wishes. Not only will this protect your assets and property, but it will also make it much easier for your loved ones to manage your estate once you are no longer able to do so yourself.
How Much Does Estate Planning Cost In NY?
The cost of estate planning varies greatly depending on certain factors. When there are larger and more complex estates to analyze and manage, the services will go up in price. This is because there are many more elements to consider when there are large amounts of assets and property.
For less complicated situations, estate planning is more affordable. However, it is important to understand that legal assistance is not the only thing that will cost you money. There can be financial advisor fees, Trustee fees, filing fees, appraisal fees, executor fees, tax planning fees, and more.
By working with a skilled estate planning lawyer, you will have the opportunity to avoid unnecessary fees and establish a plan of action that is affordable and effective. With the trusted guidance of an attorney, you will have access to organizational resources and invaluable advice that will help you construct an estate plan that best suits your needs – and budget.
What Happens If You Die Without A Will In New York?
If you die without a Will in New York State, your estate will likely enter the probate process. Given that a Will ensures that your assets and property go to the beneficiaries of your choosing, you will not have the opportunity to have a say in how your estate is distributed. Instead, your loved ones will have to undergo probate, a complex legal proceeding in which they must petition the court to gain access to your estate.
One of the heirs of your estate will be appointed as the “administrator”, and they will be in charge of how your assets are managed. This all must be done in court, which often takes longer and costs more money.
The best way to avoid these legal obstacles is to establish an estate plan that is thorough and organized. In doing so, you will have the chance to delegate the management of your estate and save your loved ones time and money.
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) 358-9755 today.
