Estate planning is a critical process that involves making important decisions about the management and distribution of your assets after your passing. While some individuals may attempt to handle estate planning on their own, navigating the complexities of legal documents, tax implications, and ensuring the fulfillment of your wishes can be overwhelming. This begs the question: Do you need to hire an estate planning attorney? In this article, we will explore the key considerations involved in estate planning and shed light on the valuable role a New York estate planning attorney can play in helping you navigate this intricate process. A New York estate planning attorney can guide you throughout the estate planning process. At New York Legacy Lawyers, our team of New York estate planning attorneys may be able to help you explore various estate planning strategies, such as establishing trusts to minimize taxes and protect your assets, or setting up powers of attorney and healthcare directives to ensure your wishes are respected in the event of incapacity. With the help of our team, you can have peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes. Call us today at (718) 713-8080 to schedule a consultation. What an Estate Planning Attorney DoesAn estate planning attorney doesn’t only set up your last will and testament, they also set up power of attorney, name your beneficiaries for your assets, and ensure that your wishes are followed. They also set up documents that will protect you if you become incapacitated. Moreover, an estate planning attorney will develop documents that will ensure your children go to someone you trust, if for some reason you’re not around due to unforeseen circumstances (injury, death, etc). Estate Plans Must Follow State LawsSome people think that printing off estate plan forms from the internet will suffice. Unfortunately, there is no guarantee that the forms you print and fill out are legally binding. This means that even though you think your best friend and favorite charity are going to receive some of your assets when you die they may not receive anything if your forms are not legally binding. The worst case scenario here, if your forms do not follow your state laws, a judge will determine how your estate is divided and split up. This could cause a lot of pain, stress, and fighting amongst your family members. Not to mention, your estate will be stuck paying for probate court to figure everything out. Honestly, if you have children, you do not want a judge to determine to whom they go to if you and your spouse both die. Or who should get your favorite grandfather clock. Or who gets the keys to Dad’s car. Or, or, or… Having the correct legal documents are super important! What is the Purpose of Making an Estate Plan?Estate planning serves a critical function in managing one’s affairs after death. Its primary purpose is to ensure your assets are distributed according to your wishes, thus avoiding the complications and delays of legal limbo that can burden your family. An estate plan gives you control over who inherits your property and assets, rather than leaving these decisions to state laws. Moreover, a well-crafted estate plan can significantly reduce the financial strain on your heirs by minimizing potential income, gift, and estate taxes. By delineating your wishes through legal documents, such as a will or trust, you can provide clear instructions on asset distribution, which helps prevent disputes among family members and can expedite the inheritance process. In the absence of an estate plan, state laws and courts take over. This means that without a will, you lose control over who receives your belongings, and the court system could determine the guardianship of your children. Estate planning is not solely about assets; it is also about ensuring that your family is cared for according to your preferences. In essence, the purpose of making an estate plan is to protect your legacy, provide for your loved ones, and preempt unnecessary legal hurdles and taxes. It is a proactive step to maintain control over your personal and financial matters, ensuring peace of mind for both you and your beneficiaries. Complex Family or Financial SituationsIf you have a complicated family makeup or complex financial situations, doing a DIY (do it yourself) estate plan is a bad idea. The more complex your situation, the more imperative it is to use a qualified estate planning attorney. Complex family and financial situations include:
Estate Planning for Blended FamiliesWhen it comes to estate planning for blended families, it is crucial to consider the dynamics of each family relationship. In these situations, concerns often arise regarding inheritance size, executor appointment, and overall fairness. Creating an effective estate plan requires addressing these concerns. Here are some common estate planning options for blended families that can provide guidance:
In a first marriage, estate planning is typically straightforward, with everything usually going to the surviving spouse and then to any children. However, in the case of blended families, more individuals may have a claim on property, and each spouse may have specific wishes regarding distribution. Failing to establish the right estate plan can lead to various problems, including:
By implementing the right estate planning tools, all these potential problems can be avoided, ensuring a smoother transition of assets and minimizing conflicts within blended families. Finding an Estate Planning Attorney in Brooklyn Or Anywhere Else…Finding an estate planning attorney may seem overwhelming at first but there are websites such as FindLaw and AVVO that find attorneys for you. You can also just type in “estate planning attorney near me” into your favorite search engine such as Google. Of course, you’re already here as well and that’s what we specialize in, estate planning for people like you! If you would like help setting up a new estate plan or revise an existing one, contact us today at (718) 713-8080 We would love to help! via New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/do-i-need-to-hire-an-estate-planning-attorney/
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AuthorYour legacy extends beyond the material possessions you leave behind. It includes the impact you have made on your family and community, and the lasting benefit you have provided to future generations. At New York Legacy Lawyers, we understand the importance of carefully planning for the future and ensuring that your goals are carried out. With over 20 years of experience in estate planning and elder law, our attorney, Yana Feldman, is equipped to help you achieve your vision and guide you through every step of the process. FIND US ONLINE Bitly Box Diigo DropBox Evernote Postach.io Inoreader Instapaper Nimbus OneDrive OneNote Raindrop Todoist Toodledo Trello Tumblr Weebly Wordpress Blogger Google Drive Youtube Google Map Related Links About.me Behance.net Dribbble.com Taplink.cc Gravatar.com Carrd.co Minds Justpaste Issuu Linktr.ee Solo.to ArchivesNo Archives Categories |