Estate planning lawyers, NY 14203
Our estate planning lawyers are highly knowledgeable in the estate planning laws of New York and understand the estate planning strategies that offer you the best benefits. Over the years, we have worked with a plethora of clients in Buffalo in creating their estate plans, and we desire to help you too.
Thinking about your eventual death is difficult. We understand this, and we also know that that’s the fundamental reason you need an estate plan. By helping you plan towards the effective management and distribution of your assets when you die, we can help you achieve peace of mind knowing that your wishes will be honored, and the well-being of your loved ones will be secured.
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To have that peace of mind, you need to document your wishes through proper estate planning. Let us help you.
Call us today for expert assistance from our estate planning lawyers 14203.
Estate planning in Buffalo, New York
Estate planning refers to the strategic planning for the management of your estate during life and its disposal at death while optimizing efficiency and minimizing cost and complications. There are legal documents and laws involved, of which you may require the expertise of a legal professional to avoid mistakes, while ensuring you make the right decisions that would benefit you and your family maximally.
Estate planning in Buffalo is carried out in compliance with New York estate laws.
Estate planning essentials in Buffalo, NY
1. Planning for the distribution of your assets
The fundamental reason why people carry out estate planning is to distribute their assets. Through proper estate planning, you get to leave assets for only those who you desire to receive from you. Otherwise, only certain people (your spouse and children if they’re alive) can inherit from you, whereas you may have a cousin or charity organization you would like to fund. To ensure the effective distribution of your possessions when you die, an estate planning lawyer can help you create a will or trust.
- Will: a will is simplest and most popular estate planning document. On your will, you name your beneficiaries and what portions of your estate you want bequeathed to them. If you have minors, you can also name a guardian for them in your will. Although a will is often simple, you would require the services of an estate planning lawyer 14203 if you own complex assets, you own property outside New York, your family is complicated or estranged, etc.
- Living Trust: A trust also transfers assets to your beneficiaries. However, it is more complex than wills. It is often preferably because whereas all wills have to go through probate, a trust doesn’t. Hence, your loved ones can inherit discreetly without public awareness. It is never advisable to try executing a living trust on your own as there is much legality involved. Our estate planning lawyers will help you.
2. Planning for Incapacity
As you get older, you may be worried that someday you may become unable to handle your own personal affairs, let alone the financial ones. But what if you’re told you could make plans towards that now? Yes, you could lay down instructions now to ensure that your affairs are managed by someone of your choosing.
By so doing, you would have a say even when you can’t make decisions due to Alzheimer’s or dementia. Our estate planning lawyers can help you establish a:
- Power of attorney: by which you appoint a trusted agent who would make financial decisions on your behalf and manage your estate when you become incapacitated.
- Healthcare surrogate: Your healthcare surrogate or Medical power of attorney enables you authorize an individual to make medical decisions on your behalf when you become unable to make them yourself.
- Living will: If you wouldn’t want to be kept on life support when survival is unlikely, you can make your wishes known now in a document known as a living will. There are other similar decisions you can make on your living will.
Now that you’re mentally competent is the time to execute these documents, so they can be enforced when the situation arises. Get help today.
3. Minimizing cost
Another important aspect of estate planning is minimizing cost. Before your loved ones can inherit your property, they may be subject to huge costs, including probate fees, debts, state estate tax, and federal estate tax. These costs put together can eat a huge chunk of your estate, a part better disbursed to your loved ones. To enable your beneficiaries get the most out of your estate, our attorneys can employ certain estate planning strategies, such as:
- Execution of irrevocable trusts
- Gifting
- Using pour-over wills
- Holding property jointly.
Estate planning lawyers near me 14203
Looking for an experienced and reliable estate planning lawyer in Buffalo? Our estate planning lawyers are just a phone call away. Contact us today to speak with one of our highly-skilled estate planning lawyers 14203, Buffalo, NY.