Estate plans and its importance in Probate matters
Estate planning is a process of making many important decisions and plans over your future and that of your loved ones. specifically, estate plans, concerns what happen to your assets both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
Planning now for the future with an estate lawyer would never be regretted. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. One wrong document or inclusion or signatory could mean or signal a whole different thing and may jeopardize your wellbeing or your estates at risk of loss and probate with the beneficiary or trustee not getting it.
It is also important to note that state laws rules over estate plan. They dictates what should be included in will, trust or power of an attorney, this state laws in Orange County, also regulates how the documents are filed and its implementation. This emphases the un-denying importance an estate lawyer and a Probate lawyers Sullivan County.
Estate plan document includes:
Last Will and testament
A will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children.
Trust
Trust are essential when planning your estate. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated.
Advance medical directive
Through an advance medical directive also known as a medical power of attorney, you get to designate a health agent to make medical decisions when you are unable to do so. This same document could be filed in court to should it be someone needs to be your guardian or conservator.
Financial power of attorney
Through this, you can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable.
Probate Process
Probate is court settlement of a Will or estate. It is a process in which a will is proved in a law court to see if they are valid and true enough to be approved and implemented. The process could however, by a long rigorous battle and it takes a Probate lawyers Sullivan County to guide you through this entire probate process.
Probate follows a legal process where your estate plans or last Will is verified in a probate court, before distribution of your assets and properties according to the will.
All the steps involved in probating an estate depend on the probate laws where the decedent lived at the time of death, as well as any other state where the deceased owned properties. Also, the steps required for settling an estate Will differ based on whether the decedent died testate, with an appropriate and valid last Will and testament. If peradventure, the decedent died intestate, without a valid last Will, then, a different approach on probate will be used by the court.
Why You Need a Probate lawyer in Sullivan County
As A Beneficiary
A Probate lawyer can be hired by the beneficiary of a will, to offer advice and guidance in legal matters presented to him/her by the executor of the will. This may happen if the beneficiary and executor are not very familiar with each other. The executor may need to prove that the deceased did not sign the will under duress, most likely in the hands of the purported beneficiary. If you’re the beneficiary, then there is need to hire Probate lawyers for legal guidance as the will must have to pass through validation (probate) in a law court.
Payment of estate debts, bills and expenses. This is important as each and every asset must be accounted for, and the monetary worth of the estate established. Out of these assets, bills, taxes and debts will have to be paid before the remnant is distributed to every beneficiary.
As An Elderly, Preparing for the Inevitable and making estate plans
Probate–as the legal process by which your estate and assets are distributed at the event of your passing away–is a tedious process. Your assets must first be evaluated to see if they’re worth distributing according to the statement of your will, just as much as your debts need to be paid.
Prepare other estate planning documents such as living trust, power of attorney and advance medical directives. With living trust, you can decide who takes over plans of your estate, make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Contact a Sullivan County Probate lawyer today.