Probate and estate planning
If you die without preparing an estate plan, your estate will have to undergo probate before your asset can be approved for distribution. Probate is done for several reasons and one of those reasons is to determine the authenticity of a will.
The probate process is one process you don’t want your family or loved ones to go through because it can be very expensive, complicated, and time-consuming. Thus, it is advisable that you plan your estate while alive to save your family and loved ones the stress that comes with this process.
It is very crucial you note that, if you kick the bucket without an estate plan in place, your assets will be shared and distributed according to the intestate law of New York. This process is not always straightforward. Your family and loved ones will go through a lot to get a portion of your estate. Money will be spent, arguments may ensue, relationships may be damaged, there may be lots of lawsuits, etc. If you wish to prevent this from happening, then you will have to plan your estate.
When should I plan my estate?
You shouldn’t wait till you start growing white hair before you plan your estate. As soon as you get to 18, you are eligible to plan your estate. You can plan your estate at an early age an update it as time goes by.
Because life remains unpredictable, and one doesn’t know when he or she will die, it is best you get an estate plan in place so your loved ones don’t find it difficult to assess your assets.
Who is an estate executor?
An estate executor, who is also regarded as an estate administrator, is an individual chosen to ensure that your wishes regarding your estate are honored. This individual is usually someone close to the estate owner and it is his or her duty to ensure that all your unpaid debts are located and settled, all your due taxes are also settled. After your demise, it is also the job of this individual to ensure that your will gets to the surrogate court for the probate process.
Before an estate executor is allowed to execute his or her duties, the individual must first get the approval of the court. If you fail to create an estate plan, or if you forgot to state the name of your estate executor in your will, the court will have no choice but to designate an estate executor for you. The selection isn’t done randomly. The individual is always someone that is close to the deceased or the deceased family.
What is a will?
This is a significant element of an estate plan. This important documents holds information regarding the distribution of your assets, the names of the individuals you wish to inherit your properties, a list of all your assets, the name of your estate executor, plans regarding your burial arrangements, etc.
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.