The estate planning process in New York is quite different from that of other states. Many people believe that when you die without a will in New York, your property automatically becomes that of the government. That is a huge misconception. If you die intestate, that is, you die without creating a will, the court will appoint an estate administrator. This individual is usually someone close to the family. If you die intestate, and you have no close relative, or if your children aren’t capable of choosing who’ll be the estate administrator, the court will appoint a public estate administrator. It is the job of an estate administrator to oversee everything regarding the estate. That is the probate process, the payment of due taxes and unpaid debts, etc.
In New York, if you die intestate, your wife is to get the first 50,000 and half of your estate, then the remaining is to be inherited by your children. If you don’t have children or you died without a wife or husband, your estate goes to your parents. If peradventure your parents are dead, everything goes to your siblings. If your siblings are dead, everything goes to their children. That’s how it is. Sometimes you may not physically know the person who inherits your estate or a portion of it, which is why it is important you plan your estate so you get to make the sections.
Why is this plan important?
Every day several Americans die intestate. Probably this is because they aren’t aware of the importance of an estate plan, or because death caught them unawares. The best after-death gift you can present to your loved ones is a well-prepared estate plan; one that avoids probate. Below are some the importance of an estate plan.
It helps prevent family uprising
With an estate plan, your intentions regarding your estate is clear. Without an estate plan, misunderstanding may arise between family members. Misunderstanding about the rightful beneficiaries, estate executor, etc. Such misunderstanding may lead to damaged relationship, lawsuits, or even injuries (if a fight should erupt during argument).
The best way to ensure that none of the abovementioned happens is to plan your estate. It is not difficult. First you need to sit down and think of the estate plan, including how you want it to be implemented. You can either plan an estate yourself or contact an estate planning Attorney in New York.
It safeguards minors
With an estate plan you can designate a guardian for those little children of yours in the event of your death. The job of a guardian is to cater for the needs of the ward who can be an incapacitated individual or a little child. Without an estate plan, the court will have to choose a guardian for the child. You definitely won’t have a say on this matter.
Guardianship will stop as soon as the child becomes an adult. If you want your little kids to be brought up by someone of your choice, you will have to plan your estate.
Estate planning Attorney
Due to the nature of an estate plan, and how complicated it can be, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.
Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner, an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.