Estate planning encompasses more than drawing up your Will to designate what happens to your assets after you pass away. A knowledgeable estate planning lawyer provides assistance to protect your assets from creditors, minimize estate tax liability, and ensure that transfers to your loved ones can happen as smoothly as possible. Contact a Rochester estate planning lawyer to learn how they can assist you in creating a comprehensive plan to protect what you have spent a lifetime building.
Why is an Estate Planning Lawyer Necessary?
Estate planning lawyers do much more than just prepare a Will. Your lawyer will guide you through additional vital estate planning decisions, such as who should have authority to make medical decisions for you if you can no longer do so (a healthcare proxy) and who should have the authority to manage your finances if you are no longer able to do so (a power of attorney). Estate planning may also involve creating a trust to protect your assets if you need skilled nursing care at some point. The estate planning lawyers at Lacy Katzen work daily to ensure your wishes are respected and your goals achieved, eliminating uncertainties and maximizing the value of the estate you leave as a testament to your life and labors.
The Importance of Writing a Will
If you are a New York State resident and pass away without a Will, the state of New York determines how your assets are divided. For example, if you leave behind a spouse and children, the spouse receives $50,000 plus one-half of the estate balance. The children inherit everything else (the remaining one-half), in which case your spouse may not have enough to live comfortably.
Passing away without a Will may mean your estate is more likely to be contested in Court, if your loved ones disagree with who inherits what items of personal property, or who should be in charge of your estate administration. This could lead to family members fighting over assets and your estate being drained by large litigation legal bills and expenses.
Importantly, with a Will, you can also create guardianship designations for any minor children you may have. No one wants to think about the prospect of being unable to raise your children, but if a person should pass away without appointing a guardian for that minor child, the court will appoint a guardian. Nobody knows your child’s best interests like you do, which is why it is strongly advisable to appoint a guardian you trust for your minor children.
Other Important Estate Planning Documents
Estate planning is a holistic process, and while a Will is essential, there are several other significant documents that residents of New York should be aware of to ensure comprehensive protection of their assets and implementation of their goals:
- Powers of Attorney (POA): This document allows you to designate an individual to act on your behalf concerning financial and legal matters in the event you become incapacitated. There are different types of POAs, and each serves a unique purpose. It’s crucial to understand the distinctions and ensure you have the appropriate type in place.
- Health Care Proxies: This document permits you to name someone to make health care decisions on your behalf if you’re unable to do so yourself. It is essential to have conversations with the designated agent to ensure they understand your medical wishes.
- Living Wills: In addition to designating someone to make decisions for you in a Health Care Proxy, a Living Will provides specific instructions regarding your medical care should you have a terminal or incurable condition.
- Revocable Trusts: This is a flexible instrument that allows you to manage your assets during your lifetime and specify their distribution upon your death. Assets placed in this trust can avoid probate, ensuring a quicker and smoother transfer to beneficiaries.
- Irrevocable Trusts: Unlike its revocable counterpart, this trust cannot be altered or revoked after its creation without the consent of the beneficiaries. This type of Trust can be useful for asset protection and estate tax protection purposes.
Contact an Estate Planning Lawyer Today
Rest assured that our skilled legal representatives are here to help you today with estate planning and your family in the future with estate administration. Our estate planning lawyers are committed to providing wise and practical advice, drawing upon our years of experience to present you with the best legal and tax solutions for your unique circumstances. But it’s more than that.
At Lacy Katzen, estate planning is more than just document preparation or identifying and restructuring assets. It is about making sure your family, friends, and charities are provided for in a meaningful way when you are gone or incapacitated. It is the process of making sure there is a comprehensive plan in place. And it is the security that comes from knowing you have done all you can to take care of those you care about.
We are committed to providing the satisfaction and peace of mind that you are leaving a legacy of a well-spent life and a foundation of a promising future for your loved ones. Contact our firm today to learn how we could help you and your family.