Estate Planning Attorney
What exactly is an Estate Planning Attorney?
An Estate Planning Attorney is really about life planning — how to provide for yourself through the rest of your life and how to provide for your family if something should happen to you. This includes illnesses, mental incapacity, and other unforeseen circumstances. It also includes issues such as who you want to take care of your children, finances, and medical decisions if something should happen.
Do I Need a Will?
You may not need a will if you are happy with the intestacy laws in New York or your state of residence. Intestacy laws are the default rules that divide your estate among certain family members at fixed percentages.
However, most people want to make changes. This might be to change the percentages, account for a special heirloom or leaving part of your estate to charity or friends. To do so, you need a will or other planning document.
Wills and Other Planning Tools
A complete estate plan that covers all aspects of life planning consists of a combination of tools depending on what you and your attorney agrees is the right way to meet your goals.
Wills are basic documents stating who should receive your property when you die.
Trusts are an alternative way of transferring property and potentially reducing taxes. You can also include special provisions in a trust to do things like ensure the money is used for your child’s education.
Healthcare proxies and powers of attorney allow a trusted loved one to make medical, financial or legal decisions on your behalf if you are unable to do so.
Non-probate assets, such as life insurance policies and bank accounts with designated beneficiaries, pass automatically and avoid the time and expense of going through the probate process.
Protections for the Family
New York also has a number of laws designed to protect you and your family that you should consider when creating your plan.
Family exclusion: A portion of your property immediately becomes the property of your surviving spouse and/or children under age 21 rather than becoming part of your estate.
Elective share: A surviving spouse has the right to take the greater of $50,000 or one-third of a deceased spouse’s estate regardless of a will or other legal documents.
Disinheritance: Any person other than a spouse or children under 21 can be disinherited by stating your wishes in a will or trust.
Unmarried couples, including common-law spouses and civil unions, receive no automatic rights or protections under New York Law, so you should explicitly include them in your estate planning documents.
To learn more about how to protect your family’s future or to begin the planning process, contact our Melvin and Melvin Estate Planning Attorney’s today.
