Estate planning should be one of the most crucial decisions of your life. However, most people don’t know how to do it the right way when it comes to estate planning in Manhattan. We understand that estate planning can be complex; therefore, let us help you!
Here are some common estate planning FAQs and their answers.
Why is Estate Planning Important?
Do you have many assets? Who do you want to inherit your assets after you die? Do you have any conditions in mind? An estate plan answers all of these questions after you pass away. If you choose not to make an estate plan specifying your property and its distributions, the state will make these decisions for you, and you might not like them.
Your default inheritors will be based on the law of your state, your marital status, and your children. Usually, most of your estate goes to your closest relatives unless specified otherwise. Therefore, estate planning is the best way to ensure that your assets go to the right people!
What is Probate, and How is it Relevant to Estate Planning?
When people talk about estate planning, you might have heard the term probate, but what is Probate exactly? In simple words, Probate is a court-supervised procedure. Through Probate, the court will identify all the deceased person’s assets, identify the inheritors, and distribute the assets according to the deceased person’s will.
However, if the deceased person didn’t leave an estate plan or a will, a court will distribute the assets based on the law. A probate process happens regardless of the will availability. In addition, the probate process takes multiple months and costs hundreds of dollars.
What Are Some Will Alternatives?
The easiest way for estate planning is by writing a will, but if you don’t want to create a will, some other alternatives also exist. One of these is the living trust. Like a will, a living trust will distribute a deceased person’s estate upon death. But what’s the difference?
In a living trust, you assign a person responsible for distributing your assets after you pass away. In addition, this trustee can also make important decisions on your behalf.
Do you have more questions regarding estate planner Queens? At Ledwidge and Associates, we have experienced estate law attorney Brooklyn who will be happy to guide you through the estate and probate law procedures. Moreover, you can also create a will or an estate plan through our services. Get in touch with us to ask as many queries as you want!
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