Estate planning is the process that guarantees the proper management and allocation of your estate upon your death or in the event of incapacity. It is a crucial life plan and as such should be treated wth utmost commitment. Professional estate plannng attorneys are always ready to work with your best interest at heart, you should to, as this is the only way to achieve the best estate plan that suits your interest, while mitigating cost and complications
Who are estate planning attorneys?
Estate planning attorneys also known as probate attorneys are trained professionals that help in your estate planning process, by making important documentations and paperwork of how you want your asset preserved, managed and allocated while you are, incapacitated or dead. They are experienced professionals who proffer solutions to every estate planning problem.
In addition to this an estate planning attorney must have up to date knowledge of state and federal laws that directly affects how your estate is accessed, valued, allocated and taxed most importantly, in the event of death or incapacitation. They are the ones to advice, properly educate and prepare your designated beneficiaries about the probate process when it arises.
Creating a living trust to avoid probate
In place of a wll a trust is advisable and more appropriate if you want to avoid probate. It is quite more complicated than a will but you need not worry as it is effectively practicable and your estate plannng attorney will apply their expertise in creating one.
What is a trust?
A trust is an estate planning document that hold your estate and pass them directly to your designated beneficiaries without the interference of the court as in probate.
Your estate plannng attorney transfers your assets into this document with which, you can designate portions of your estate to go toward certain things while you’re alive. If you become ill or incapacitated, this document also grants power to an individual of your choice to hold, manage and finally distribute your assets according to your directives. Upon your death, the trust allocate assets to your designated beneficiaries, bypassing probate, which is the court process that may otherwise distribute your property in way you may not have intended.
As a trained specialist in estate planning matters, an estate planning attorney offers a wide range of services, from documentation to executions of your wishes. Below are other documents our professional estate plannng attorney will help yu prepare.
- Will: A will is usually the basis of every estate plan, as it is the wishes of an estate owner clearly stated in writing concerning the management and allotment of their estate after their death. In modern times, probate -which is a high level of scrutiny to validate the authenticity of a will-, has made this document to be considered archaic, but it is actually not.
An estate planning lawyer would help you draft the best will that mirrors your desires. A will that is probate worthy if need be for the validation process.
- Power of attorney: Incapacitation might occur during life situations and it is advisable to have someone to fill n the vacuum and make decisions as you would and on your behalf. This is a document by which you appoint a trusted individual who will make the best financial decisions on your behalf and manage your estate should you become incapacitated.
- Healthcare surrogate: Your healthcare surrogate otherwise known as the Medical power of attorney enables you authorize an individual to make medical decisions on your behalf when you become unable to make them yourself.
- Tax evaluation: A professional estate planning attorney knows how the state and federal taxes work on estates. In Buffalo, New York a portion of your estate known as estate tax, goes to the state government, if your estate value exceeds a certain amount at your death. To prevent these situations of heavy and unfair taxing, the estate planning attorney applies a legal estate planning strategy.
The estate planning attorney provides detailed documentations and due representation based on your estate plan.
Contact our firm
Looking to plan your estate the right and best way? Talk to our experienced and reliable estate planning attorney in Buffalo, New York. Embark on a smooth estate planning journey today, and be sure to get quality and a hundred percent professional asstance.