Estate planning concerns what you want to make of estate, assets and finances. In addition, through estate document such as Will and trust, you can plan towards your medical and financial future. You can name someone as a beneficiary of your estate or someone to oversee your assets when you are unable to do so. Estate planning covers every range of a person’s live. Once properly planned, the safety of your estate, your beneficiary is assured. Meanwhile, quality estate plan in New York can only be achieved by consulting and planning with an estate planning attorney near you, 11102. The attorney well vast in the state laws rule over estate plan will assist you create a solid plan implementable in New York. Do you wish to start making estate plan? Contact the estate attorney today.
What makes up your estate?
Basically all property you own make up your estate. This include banks accounts, assets, houses, businesses, investment accounts, personal property (jewelry, other collectibles), retirement plans and real estate. Even assets with loans against them is still counted as part of your estate. Even when you die, the loans or debt don’t die, they will still be there. The beneficiary who gets estate with loans against them will need to pay up the debts. Although, this is even settled before the estate plans is implemented.
Wills
Will also called last will or testament is an estate document used to implement your wishes when you are no longer alive. A will allows you dictate what happens to your estate and how the family you left behind should be cared for. Aside these you can use the document to name a guardian for you minor child. The last will is perhaps the most common estate plan. Even with that you need to make sure that the document is properly created. A badly created Will can be rejected, announced as invalid and end up not implemented. Long probate process is another result of a badly written will. To create a Will according to New York State standards, it is best to consult an estate planning attorney near you.
Statistics on Will that would surprise you.
According to a recent survey among American adults, it was found that less than 30% of people had a Will created than 2017. There has being a steady recurring decline in the number of people who make estate plan especially the last Will. This is perhaps a disturbing fact. Since less people create important estate plan, they allow the state decide what happen to their asset properties. It is even projected that fewer adult are likely to have a Will.
You shouldn’t belong to this group, if you value your hard earn assets an also your family who could turn out to be the estate beneficiary. Creating a lasting estate plan is easier than ever, contact an estate planning attorney near your today.
Why you need a Will.
If you have created a Will, be assured that your wishes on how you would like to share your assets to beneficiaries will be implemented. Even while you are not alive, a surrogate court will still uphold this desire.
However, when you die without an estate document or a Will, then there’s no way a court will know what your desire are; as such your estate will be subjected to intestacy law in New York. The intestacy law uses a form of hierarchy to distribute deceased assets to surviving relatives. Usually, the surviving spouse get the estate first, then the deceased children, followed by parent. Next is the deceased siblings. Typically, all relatives not directly related to the decedent are completed left out of this process.
Note: whether you die intestate (without a Will) or you created a Will, probate will be required to implement any of the estate plans. However, once there is a will, the probate process will be easier and quicker.
Probate is a court process of determining the validity and authenticity of an estate document, especially a last Will. The process usually ensure that only the named beneficiaries get the assets assigned to them.
Every state just like New York has tits rule for intestacy succession (distribution of a decedent asset without a Will). The rule decides who get the decedent asset first before others and what percentage would be allocated to everyone eligible to the estate.
Contact an estate planning attorney near you
Simple mistakes can ruin estate plans; as such you need an expert capable of making suitable and approbation estate plans and documents. Contact our estate planning attorney near you today, 11102, New York to guide you through the process estate plan documents.