ESTATE PLANNING
When planning an estate plan in New York State it is important to know the terms to understand with what you’re doing. Terms like; trusts, wills, a chance of a codicil probate processing, chosen beneficiaries etc. An attorney can point you to the best direction when it comes to planning for your estate. This is very important due to trying to avoiding any unnecessary additional fees that may come in the future if there is no well written. With an attorney you have a professional and valid Estate plan for not just yourselves but in court.
WILL DRAFTING
When drafting a Will you need to make sure anything that you identify as an asset is considered something that should be included. Things like any investments, bank statements, owning of stock or organizations you’ve put together. Any organizations or businesses you have started is exposed to a separate tax fee. You would have to plan where that would be designated unless you sell the business itself. An addition is to make sure that your assets goes to a close relative or your spouse who would get half.
Will drafting is a guarantee of exposing yourself to a Codicil. A Codicil are modifications that you put towards your will. One thing to note is that once you ask for a codicil, you are giving yourself additional fees in a longer process when it comes to the probate. The probate is the courts approval indicating that the Will is final but that can take up to a year to process. So you can draft well but it’s recommended that everything is checked out and good to go.
FAQ
1. What will happen to my property if I die without a will or trust?
If married to the surviving spouse will have ownership of the property But all other assets is decided in court. Without a will or trust you will be in a risking living situation as in, having to pay fees to have yourself in court asking for these assets and proof why you should among the other family members who are involved. With a Will it’s described with who owns what and am assigned trustee can help designate the estate itself to its proper owner.
2. Can I make a handwritten will?
You can make handwritten Wills but some states have different procedures when it comes to this which makes the process itself more complicated. It’s best to get an official legal document from an estate attorney because it’s more organized, effective, and official.
3. Can I disinherit my spouse?
When it comes to inheritance laws, you’re unable to disinherit your belongings from your spouse. Even if you decide to strain your assets from your wife or husband on your Will, you’re still unable to do so because of common law and being a “surviving spouse.”
4. What is a Revocable Living Trust?
A revocable living trust is needed when it comes to managing your own assets and what to do with them if you’re in critical condition or aging. A living trust can give you the luxury of choosing what kind of healthcare proxy you want and also has the power to avoid the probate process that can save you from those fees.
5. Can a probate be avoided?
There’s an understanding when wanting to avoid a probate and it’s due to waiting a year for courts approval or even having the courts approval rather than your own. Both these things can pile more fees on top of the file the more complicated things get through many disagreements. Though most Wills or trusts are specific which already comes with it’s complications which is why it takes a while for the probate to process. It is necessary to use the probate because if you’re looking through the file rather than an attorney, you will be prone to mistakes and more fees that the attorney could of spotted. Upcoming mistakes can also cause the filing to be longer than it should. So you shouldn’t avoid any probates.
6. Can an irrevocable trust be amended?
One thing you can do by is to remove assets you’ve written within the trust. You will still have the trust on file but it’ll be one that is empty. There’s also booking an appointment with the court through a trustee since he or she is responsible for making any adjustments as well in the trust even if it’s irrevocable. As long as there’s a good reason for the modification.
7. How long do you have to work to collect unemployment in NY?
According to the official ny.gov website, you need to be working for at least a month and in file at least $2,700 in wages.Your base period also needs to be higher than your quarter wages.
8. When should I make an advance directive?
The best time to make an advance directive is before you need one. In other words, before you become too sick to make your own decisions about what medical care you want to get or refuse.