One big crucial step you can take in life is estate planning. Proper estate plan prevents probate, loss of assets, property and even life. An estate planning attorney in Manhasset, NY, will work with you to create an estate plan that effectively distributes your assets when you die, minimize cost, as well as plan for the management of your estate should you become incapacitated at any time.
If you desire to avoid probate, then you would have to execute trusts and hold properties jointly. These things are complicated, and to get it right, it’s in your best interest to seek professional assistance from an estate planning attorney.
Living trust prevent probate
Probate avoidance is the basic reason most people create trusts. As probate is often lengthy and expensive, many want to avoid it. However, creating a trust is not the only way to do so. In fact, not all assets can easily go into a trust, and it becomes expensive and complicated trying to go all the way. You can also own real property by joint ownership (such as with your spouse) or designate beneficiaries in your bank account, retirement account, and insurance plan. Each of these will pass outside probate without funding them into a trust. Gifting is also another way to avoid probate but requires due strategy from an experienced estate planning attorney.
What’s a Living trust?
A living trust is a very powerful document by which you can avoid probate. Assets held therein will pass to your named beneficiary without any court involvement, and the transfer is immediate; no time wastage, no court expenses. We can combine a trust and a will depending on the nature of your estate for the best benefits.
Executing a living trust
Trusts are more complex than wills and require legal expertise to execute. Whereas wills go into effect only after you die, trusts are effective the very moment you create and fund assets into them.. When we create a living trust for you, the assets held therein will pass directly to your loved ones immediately you die without going through the lengthy court process. If you have minors or children with special needs, we can create special trusts for them.
Benefits of Estate planning
There are several people out there who believe that they don’t need an estate plan, they believe that an estate plan is only for the wealthy. The fact remains that estate planning is for everyone and if you fail to plan your estate, you may be hurting your future and that of your family, inadvertently. Moreover, planning an estate comes with several benefits and below are a few of them:
- Helps in the management of a person’s property in the event of incapacitation
- Helps enable the proper and easy distribution of the deceased’s assets
- Helps to safeguard beneficiaries
- Helps reduce estate taxes
- Helps reduce cost and prevent rhubarb
- Helps accelerate the transfer of a person’s assets
Bottom line
Estate planning attorneys can draft an estate plan that makes everything easy for your family; no probate, no huge estate taxes or anything that can cause complications for them. We all hold our family at high esteem. In fact, one major reason why people create an estate plan very early is because of their family. You see, to create an estate plan that can protect your family, you need to hire a competent estate planning attorney.
Estate planning can be complicated; it is not one of those basic DIY tasks. If you fail to make a good estate plan, you may be risking the future of your family as well as properties. You need to hire an estate planning Lawyer Manhasset New York for your estate planning projects.
Contact an Estate Planning Attorney Manhasset NY today.
The city of Manhasset, NY, boast of several estate planning attorneys. However, to find the best you must be willing to dig deep. Well, you don’t have to do that anyway because we can provide you with the best estate planning attorney for your estate. Please, contact us so we can provide you with the best estate planning attorney for your estate.