Estate planning is a critical legal provision by which you can secure your financial future and that of your loved ones. Through estate planning, you can decide:
- Just how you want your affairs managed when you become incapacitated probably due to old age.
- Who manages your financial and personal affairs and make healthcare decisions on your behalf.
- The kind of healthcare you desire when you are unable to make such decisions end-of-life.
- Who receives what asset when you pass away.
You can plan towards these things and several more by stating your wishes in certain documents. This is estate planning, and our estate planning and probate lawyers in Long Island can give you all the help you need.
Disposing your estate when you die
One aspect about estate planning is the transfer of your possessions when you pass away. You can write a Last Will in that regard. Your will should contain the names of your beneficiaries and specific amounts or properties you want bequeathed to them when you’re gone.
Wills are not only for high-net worth individuals. Even though you don’t have so much, that house, bank account, life insurance proceeds, retirement account or car you have can go a long way to help your dear loved one. But without a will, those assets may go to another person entirely. So you have to address the transfer of your assets to ensure your wishes are honored when you die.
If you have a complex assets and are not too sure how to address them in your will, contact an estate planning lawyer Long Island now.
Probate Long Island
Your will does not become active until death, which is why you can alter your will at any time. At death, it becomes active and must be taken to your county probate court by your executor, someone who you should name in your will.
During probate, the court checks your will for validity, your debts and estate taxes will be paid, and your estate disbursed according to your will. This process can take anything between 3 months to years, and not until it concludes can your loved ones inherit.
That is why we often advise executing a living trust instead of a will. Trusts avoid probate and enable your loved ones inherit immediately you pass away. This document is more complex than a will, so it’s crucial you get help from an estate planning attorney Long Island.
Have you been named the executor of a will? Call us for expert assistance in the administration of the estate.
Incapacity planning
Another important aspect of estate planning is incapacity planning. It is possible that due to old age, you develop a disease such as dementia such that renders you incapable of managing your estate and making competent decisions. Now that you’re sound, you can appoint a trusted individual to manage things for you when you fall into incapacity. There are many ways to plan for incapacity
- Appointing a trustee: We can help you create a living trust and name a successor trustee. During incapacity, your trustee will manage the trust assets on your behalf and always to your best interest.
- Powers of attorney: If you have property outside a living trust, we recommend creating a financial power of attorney to appoint someone who will make decisions concerning such assets. This person can manage your business, make investment, sell, buy, or pay bills on your behalf. A healthcare power of attorney is also important to name someone to make medical decisions for you.
Asset protection
You may have creditors and possible nursing home costs. But on estimating your estate, you have less than enough to foot these while leaving enough for your loved ones. Through asset protection, our estate planning & probate lawyers can help you keep your assets beyond the reach of creditors, nursing home costs, and probate court, enabling the full amount to pass to your heirs.
Tax planning
Financial planning is also an important aspect of estate planning. Your estate may be subject to estate taxes in Long Island. These taxes can eat up a considerable part of your estate, a part better left for a loved one. By carrying out tax planning, you can greatly minimize these taxes or entirely avoid them as the case may be.
Probate And Estate Planning Lawyer near me Long Island
Get comprehensive estate planning from our Probate And Estate Planning Lawyers by contacting us today.