An estate planning attorney is instrumental to making an estate plan in compliance with the state and federal laws that govern them. They offer not just professional documentation alone but, due representation in court case regarding the estate of the client.
How can an Estate Planning attorney help You?
An estate planning attorney helps in several stages of the estate planning process. Even after the event of incapacity or death, they continue to oversee the desires of the estate owner. Below are some of the benefits of hiring one.
- With the assistance of an estate planning attorney you can create a will that mirrors your intentions.
- With the help of an estate planning attorney, you can choose who will benefit from your estate.
- An estate planning attorney can help you avoid paying huge estate taxes.
- An estate planning attorney will help you create trust for your loved ones. A trust can help protect your estate from probate. It can also be beneficial should you become incapacitated.
Prepare important estate planning documents
An estate planning attorney will help you prepare the following documents that not only mirrors your intention and affords you several benefits but also documents that are legally deemed worthy and in compliance with state and federal law that govern estate affairs in New York.
These documents range from wills to durable power of attorney and several tax evaluations and legal strategies to mitigate cost and complications.
Wills:
A Will is simply what an estate owner wants regarding the estate. As basic as it might seem, it is a very powerful estate plan document, which is the bedrock that holds the desires of an estate owner in the event of death or incapacitation. Our firm’s estate planning attorney helps draft a comprehensive and detailed will, while considering all your assets in New York and those that are better left out of the will. The major disadvantage of this document is that it is mandatory for it to undergo probate, a mistake in tax evaluations make leave your heirs paying huge tax debts or a part of your estates being claimed by the government.
Living Trust:
In place of a Will, a living trust offers better advantage and security. Using a will is quite stressful as it must undergo probate before your designated heirs can inherit it. Trust on the other hand enables the estate beneficiary to receive allocation without going through the court process of probate. The estate planning attorney helps you transfer your assets in New York into this document and you become the principal of the trust. That being, it grants you legal power to appoint an individual of your choice known as the trustee to help manage your assets for its eventual beneficiaries. The living trust offers benefits such as immunity to creditor’s claim and downplayed taxable estate amount. There are two major types of trust known as “revocable trust” and “irrevocable trust”. Your estate planning attorney will help you prefer one that suits your estate and serves your best interest.
Power of attorney:
Incapacitation might occur during life situations and it is advisable to have someone to fill in the vacuum and make decisions as you would and on your behalf. The power of attorney is a powerful and highly important document in estate planning as it allows you to appoint a competent individual of your choice to make financial decisions in your stead. Our estate planning attorney will ensure to include this in your estate plan.
Healthcare proxy:
This is similar to the durable power of attorney; in fact, it is a type of POA that deals with the healthcare provisions of an estate owner. It grants power to appoint an individual to make favorable decisions regarding your treatment options and healthcare services in all, when you can no longer make these decisions due to incapacitation.
Tax evaluation:
A professional estate planning attorney knows how the state and federal taxes work on estates. in New York, a portion of your estate known as estate tax, goes to the state government, if your estate value exceeds a certain amount at your death. To prevent these situations of heavy and unfair taxing, the estate planning attorney applies a legal estate planning strategy.
An estate planning helps you prepare these documents and also offers due representation in case of litigation, probate and creditor’s claim. Hire one today and get to preparing the bet pan.