The expertise of an estate lawyer is not confined only to the making of the final will and testament. Apart from the drafting of complicated estate plans, the lawyer with profound knowledge of NY estate laws knows how to execute the probate process, which sometimes involves many issues related to the will instruments. Navigating the complicated facets of the New York estate laws can feel very overwhelming for you, especially if you do not have the any legal knowledge. This is why you need to take the help of an experienced estate attorney who makes sure that your estate is protected and your last wishes are fulfilled. Lets discuss about the importance of estate planning in New York City.
Protects your assets
When you secure your assets through proper estate planning following the NY Probate & Estate Laws, you are rest assured that the beneficiaries get the properties, which they are entitled to have. Wills and other similar legal devices get rid of unwanted disagreements and many legal issues. For example, if you have a revocable trust can give you protection from probate and make the transfer of property quicker.
Reduces taxes
When you have correct estate planning in place, you are able to decrease taxes at both state and federal level considerably. NY Probate Laws help you adopt specific strategies like gifting in your lifetime and developing trusts, which can increase the level of tax liability considerably. When you plan and take the help of a lawyer, you are able to minimize the tax of your estate substantially, leading to preservation of many properties for the heir.
Avoids probate process
Probate is a court-organized method aimed at proper verification and distribution of the assets of the dead person. This process sometimes causes significant delays in the handing over of important assets. When you get the guidance from an expert NY Probate & Estate Laws attorney, you get all the important plans related to instruments such as joint ownership, designation of beneficiary and transfer of deeds after death. These methods can bypass the complex probate process and make sure the beneficiaries have very fast transaction of all the properties.
Honors your last wishes
Proper estate planning makes sure all your personal wishes related to distribution of properties are respected. NY estate lawyer works effectively to include all the instructions regarding healthcare using current wills or some proxies. In case of absence of these elements, the court might have to take crucial decisions, which means going against the wishes of the beneficiaries.
Plan for incapacity cases
Probate or estate planning also involves making plans for the scenarios of incapacity of the testator due to injury or any disease. NY Probate & Estate Lawshave the provision where you can use powers of attorney and different healthcare mandates to make important decisions related to the will. This keeps the continuation of the will and honoring of the last wishes of the person. Proper estate management makes sure you have proper and smooth transition of all the properties. It also involves identification of the prospective problems and taking important actions to fulfill all the intentions of the client.