Estate planning laws vary from place to place. It is therefore important you hire an estate planning attorney that serves your location.
An estate planning attorney in Bronx can help you harness the estate laws and provisions of Bronx, NY to your advantage. Your attorney will help you establish estate planning documents that would represent your wishes when something happens to you, thereby giving you a say in your affairs even when you are incapacitated or deceased. An estate planning attorney in Bronx will know the local laws applicable and will ensure your estate plan is legally valid and state compliant.
And our estate planning attorneys serving Bronx are always available to give you all the help you need.
Call us today to get in touch with an estate planning attorney near you in Bronx, NY.
Essential documents an estate planning attorney in Bronx will help you create
1. Last Will and Testament
A last will and testament, simply called a will, is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you pass away.
While you can download will templates online, it is important you use only a New York will if you live in Bronx. There are also several things to consider when drafting your will. It’s not all about allocating assets to beneficiaries. If you own property in multiple states, own a complex estate, are in a blended family, or look to avoid taxes, probate and possible complications, there are strategies an experienced estate planning attorney in Bronx will employ to help you achieve your goals.
And there are local legal requirements for writing a valid will. If you are not familiar with these laws, it’s best to consult an estate planning attorney near you.
2. Living trust
While every will is subject to probate, a complex and expensive court process that takes place after you pass away, a living trust avoids this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.
Since living trusts are complex estate planning instruments, it’s crucial you seek assistance from an estate planning attorney near you.
3. Durable power of attorney
A power of attorney is a document on which you authorize someone (known as an attorney-in-fact) to make financial decisions on your behalf when you are unable to handle such matters yourself. By creating a durable power of attorney now that you are competent, you would have someone to manage your affairs should you become suddenly incapacitated at anytime. This is incapacity planning, and our estate planning attorneys in Bronx give it priority in your estate plan.
4. Healthcare surrogate
The healthcare surrogate is also known as the medical power of attorney. In this case, you would be authorizing someone to make healthcare decisions for you when you become unable to make them yourself due to a critical medical condition.
5. Living will
Should you fall into an end of life condition at anytime, there may be confusion as to what you would have wanted. But you can create a living will now and express your wishes if you would prefer to be kept on life support or not (and similar decisions) if your chances of survival are infinitesimal.
Tax planning
In NY, if the estimated value of your entire estate exceeds $5.93 million at the time of your death in 2021, an amount known as estate tax must be paid to the state of New York. But through proper planning, an estate planning attorney Bronx can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.
While you need to work with an estate planning attorney near you Bronx
Each estate planning document have their legal requirements for validity. For example, you cannot appoint a non-NY resident as your executor or attorney-in-fact. And there are family members not allowed to take up some of these positions. A local attorney would know the laws and ensure your documents are properly established.
In addition, an estate planning attorney near you in Bronx would have garnered experience on typical issues clients face in Bronx and so would help you avoid them.
Estate planning attorney near me Bronx, NY
To get in touch with an estate planning attorney near you in Bronx, contact our law office today.