NYC ESTATE PLANNING ATTORNEY
Most people often think, estate planning is only for the wealthiest families, but the truth is, no matter what financial or medical situation you are in, you would benefit largely from estate plan. An estate plan ensures that your home, finances, assets and your health are taken care of. Also, estate plans help to provide for your families even after you are gone. Taking care of your family is probably the most important thing in one’s life and tat ca only be achieved when you plan your estate.
However, it is expedient you plan with an estate attorney who would guide you through the various process of estate planning as well as the beneficial estate documents.
Since state laws dictates what should be included in estate planning documents such as will, trust or power of an attorney, this state laws in New York, also regulates how the documents are filed and its implementation. These estate plans should however 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.
With the help of a New York estate planning attorney, you won’t go wrong.
Estate Planning Documents
Last Will and testament – one first step to protecting your families or loved ones is to plan your will. A will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children. Although, will may still be contested in court through probate before its implementation.
Living Trust – this is one of the most useful document you should possess in your estate plans. It 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. Trust are in two major forms and as such may require knowing the right documents and the legal procedures to filing this documents. Examples of various trust are the irrevocable living trust and revocable living trust.
A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after his death.
Irrevocable trust is a trust that can be formed and implemented while the trust maker is alive and well. It involve passing on a part of your estate or property, income to a beneficiary (trustee) permanently.
Financial power of attorney: through this, 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. This documents can be used in two form as a durable power of attorney and a springing power of attorney.
Plan your estate with a New York estate planning attorney.
Good and bad occurrences happen in life. It is your duty to manage each situation positivity, and one way to do that is to make estate plans. Estate plans helps you to plan for any kind of unpredicted incapacity. If you should ever become mentally or physically incapacitated, an estate plans, would outline your wishes and interest about who manages your assets, who makes financial or medical decision on your behalf.
Estate plans helps to avoid excessive taxes on your estate. By preparing an estate plans, taxes imposed on you estate would be reduced. This can be achieved majorly through the irrevocable living trust of estate planning document because the assets has been transferred from the trust maker to another person, or trustee.
With necessary plans your loved ones won’t go through probate. With the living trust which is a type of estate planning document, you can ensure that your estate plan wishes gets implemented without going through the long rigorous process of probate in court. Probate is a court supervised process of transferring assets from of a deceased to the beneficiaries.
Plan your estate today with a New York estate planning attorney.