You Wouldn’t Leave Debts Behind
When drafting a Will you need to keep in mind the debts you owe first because if you pass without a Will these creditors or organizations expect to still get paid. So members of your family or your spouse would be held responsible. If you write your Will, you need to remember what assets you have and lead those to those debts or in this case, the beneficiaries. You can even link your Estate and finances to members of the family that need it but paying for your debts is the factor you need to focus on. All you need to do is at least make your first draft of your Will.
2. Keep Your Assets Safe
What comes with an Estate plan is something called a trust. A trust keeps not only your Estate and assets safe but your government funds like your retirement plan or 401K. With a trust you’re able to have someone hold it all or yourself. Doing so, you have full control to everything you have and avoid the probate process. As long as you’ve planned with which beneficiaries your assets go to through your trust or truster, all your debts will be paid. You can make payments either monthly or yearly.
3. THE POWER OF POWER OF ATTORNEY
With the power of attorney do you have a professional mindset helping you out to make your estate plan. Here she will also help you with making a healthcare proxy with Medicaid and the lead with any medical care you need. You’re lawyer can also be assigned as a truster in your trust plan which is better because he would be doing his job as a lawyer.
4. SAVING YOURSELF
With all these documents getting organized into one file, it’s a definite that a lot of expenses and time would be saved. A lawyer or representative you will hire will show you the steps into giving you an easier time in organizing and listing all your assets for transfer. With an attorney you will be saving so much money and time.
FAQ
- How Often Should I Update My Estate Plan?
Your estate plan should be looked over every 5 years or so but may need adjustments if you’re involved in marriage, bear any children or filed for divorce. This is due to legal laws within the state and now who’s involved.
2. Should you avoid probate?
There’s an understanding when wanting to avoid a probate and it’s due to waiting a year for courts approval or even having the courts approval rather than your own. Both these things can pile more fees on top of the file the more complicated things get through many disagreements. It is necessary to use the probate because if you’re looking through the file rather than an attorney, you will be prone to mistakes and more fees that the attorney could of spotted. Upcoming mistakes can also cause the filing to be longer than it should. So you shouldn’t avoid any probates.
3. What is a Testamentary trust?
A testamentary trust is a a trust that is formed after a persons passing and is instructed or assigned according to the last Will. It is also considered a third-party if it is someone assigned as a trustee rather a family member. Then that person would have the right to move the assets around.
4. Why do I need an attorney to write a Will?
An attorney is necessary to prevent future mistakes that the attorney him or herself is more aware of. Needs in your Will may be to vague to approve in court and that’s only one of many examples of when that can occur. The issue here is that any mistakes found in the Will has to go through a delayed probate process. Note, a probate can take up to a year and additional fees added upon these delays. So it’s crucial that you get an estate attorney to prevent further conflict.
5. Can I Create an Plan on My Own?
You are free to create your own plan but doing so would have you leave any important details and is a good chance that will happen because of certain law terms you need to bring up. So creating your own plan may be an invalid one.
6. Should my spouse and I file a joint tax return?
When filing a joint tax return you have an easier time with filing taxes and you have a deduction of fees included. With separate accounts you and your spouse would have to do your own paperwork. With a joint tax return things would be much easier and you can save money.
7. How long does probate take in New York?
If you have an uncomplicated Will with every statement clear and destination of all assets addressed then the process can take between 3 to 6 months. Though so,e cases can be complicated when it comes to disagreements in the Will or any updates that needs to be changed. This process can take up to years depending on how long the modification and needs take.
8. What happens when someone dies without a will in New York?
Without a Will, your family would have to discuss with who gets what assets and with other beneficiaries involved can make this case more expensive. A will is very important to make things organized and give less strain to everyone within the family.
9. Can I work part time and collect unemployment in New York?
Yes you can! You would have to work 30 hours or fewer and make at least less than $504.