What is Estate Planning?
Though common, not everyone knows what the term estate planning is. And this is because a huge percentage of people don’t see the importance in planning an estate. Estate planning is simply a plan an individual makes while alive for the management, distribution, and or disposal of their assets during their lifetime of after their demise.
Types of assets that can comprise of an individual estate include real properties (like buildings and lands), intellectual properties, cars, insurance, shares and stocks, banks accounts, including other personal properties.
It is very important that you contact an estate planning attorney Buffalo, NY, and plan your estate as failure to do so may not necessarily affect you, but your family and those you care about. And this is because when you kick the bucket, and you do so without a will, your assets will be shared based on the intestate laws of Buffalo, NY.
Estate planning is very important
Estate planning is for everyone, both the rich and the poor, so you shouldn’t use that fallacy as a reason not to plan your estate. You see, failing to plan your estate will not only affect your loved ones, it can also affect you should you get incapacitated. Failing to plan your estate will give the state of Buffalo the right to share your assets on your behalf based on the intestate laws of the state.
Estate planning is a huge plan. In fact, it could take several days or even weeks to draft a good estate plan. An estate plan usually involves the preparation of a will or codicil, setting up trusts, bequeathing gifts to individuals or entities, and granting people the right to do certain acts by way of power of attorney.
Below are the common forms of estate planning:
- Wills
- Trusts
- Deed of gift
- Power of Attorney
What will happen if you fail to plan you estate?
Failure to plan your estate can be very terrible. The effect it’ll have on your loved one may last for a while and that is why you see most wealthy individuals ensuring that they plan their estate in time because no one knows when he or she could kick the bucket.
If you fail to plan your estate, the following may occur:
- Your loved ones may a little portion of your estate. Or in the worst case scenario, they may not get anything.
- All that you have worked for will be shared based on the intestate law of your sate. That is, the government of your state will dictate how your estate is to be shared or distributed.
Who is an Estate Planning Lawyer?
An estate planning lawyer, who is also regarded as an estate law attorney or a probate attorney, is an experienced and licensed law expert who has an in-depth understanding of the state and federal laws that affects how your estate will be shared, managed, and taxed after your death.
An estate planning lawyer Buffalo, NY can help you plan your estate according to you wish. If you need advice or recommendations this professional can be of great help. Also, if you wish to set up a trust, update your estate planning documents, or set up power of attorney, an estate planning lawyer is that go-to guy!
What is Probate?
Probate is a process that is carried out to determine the validity or authenticity of a will. This legal process, which can be very challenging, expensive, and lengthy, is also refers to the administration of a deceased will or the estate of an individual without a will.
After the death of an estate owner, the court chooses either an executor indicated in the will or an administrator (if there exist no will) to administer the probate process. The probate process involves obtaining the assets of a deceased individual to settle all outstanding debts remaining on the individual’s estate, and sharing the assets of the estate to the designated beneficiaries.
How to avoid probate
Probate is a costly, time-consuming and stressful process that you should avoid at all cost. As an estate owner, the best way to ensure that your loved ones don’t experience the difficult probate process is by creating a trust and outing you assets in the trust.
Who is a Probate Lawyer?
A probate lawyer is a lawyer who is versed in the probate process. This professional is will work with estate administrator or executor to ensure that all regarding the estate of the deceased is taken care of, exactly the way it should. Contact a probate lawyer Buffalo, NY if you want to overcome probate without difficulty.