Estate Planning Lawyers in NYC

What is Estate Planning?

As many tragic stories show, a failure to create an estate plan often leads to negative repercussions for loved ones. We’re is here to help estate owners set up an estate plan during tough times. We help families that are facing the unknown without any financial support due to the probate process.

With the right provisions and stipulations, the individual has the final say over what happens to the assets and how the inheritances are divided among the heirs. The owner won’t have to worry that the state or county will seize the assets and give them to creditors, leaving financial guidance for the family.

Making a Will in New York

A will is essential and the only way for a person to share their estate with the heirs on their terms. If the estate owner dies without a will, the family won’t know what their final wishes are for their assets. This could lead to conflict among the family and legal disputes down the road.

The creation of a will isn’t as difficult as the process may seem, and our attorneys walk the client through the entire process. By working with estate planning attorneys, clients get the task completed while they’re still living, and the family knows the client’s exact wishes and expectations.

An estate planning attorney in New York City reviews all the assets with the clients. This allows them to set up directions on how each asset is distributed, along with any stipulations.

Since the loved ones will have a legal will, the family won’t have to worry about a lengthy probate process that could lead to high and unnecessary costs.

Dying With a Will vs. Without a Will

Estate owners reduce the need for probate by creating a will that presents exact instructions for the loved ones, and the probate court won’t get involved in deciding how the wealth is distributed.

If the estate owner doesn’t have a will, the state declares the person died intestate, which means the person failed to provide any direction for the estate, and the probate court decides for them.

Under the circumstances, the state could take all the assets and leave nothing for the heirs. A New York estate attorney can help by setting up a sufficient will that assigns recipients for each asset included in the estate.

The Creation of an Estate Plan with an Attorney

An estate plan doesn’t just include a will for distributing assets. It defines other provisions for asset protection that the owner deems important.

For instance, if the estate owner has outstanding debts, the probate court takes over the estate and seizes assets to pay the creditors. Instead of allowing the probate court to make these decisions, the owner creates a life insurance policy or a savings account to settle outstanding debts.

Another strategy is to create an irrevocable trust where all assets are transferred out of the estate owner’s name and into that of the trust. Since the assets are no longer a part of the estate, the probate court has no control over the assets and cannot seize them.

A successor is assigned, such as a spouse or other heirs, to take over the trust once the original owner passes away.

The estate planning process is often complex and requires the owner to review serious implications such as taxes paid by the beneficiaries. An attorney at an estate planning law firm can offer a comprehensive estate plan to protect all assets and prevent any financial losses for the family.

These plans include but are not limited to wills, trusts, trust funds, and even early transfers of ownership. By following an effective plan, the owner protects their assets and reduces the risk of losses through probate.