Estate planning allows a New York individual to protect and manage valuable property. After death, certain legal protections and documents in an estate plan ensure that the right beneficiaries receive their intended assets as well as shield heirs from some tax consequences. Proper planning can protect the best interests of loved ones and help those left behind avoid complicated and expensive trust & estate litigation matters.
A living will and advanced medical directives can ensure that one’s financial and medical wishes are respected in the event of incapacitation. A will is one of the most common, yet most important, estate planning tools. This ensures that property is distributed as a person wishes after his or her death. If there is no will, the family members left behind will have no say in how the property is divided.
Some people may benefit from a living trust. Assets protected in a living trust are protected from probate, and the details of the estate cannot be made public. Estate plans are intended to provide a legal way to protect assets and provide peace of mind for loved ones. Failure to have a plan or failure to update an estate plan can result in disagreements over how an estate is distributed, possibly leading to litigation.
A strong estate plan requires careful evaluation of a person’s financial situation as well as his or her goals for the future. If a person would like to learn more about an estate plan or a family needs assistance with trust & estate litigation matters, it is best to seek the assistance of an experienced New York lawyer. These are important documents and necessary legal protections, no matter the value of a person’s assets or wealth.
Source: forbes.com, “5 Documents You Need To Avoid Costly Estate Planning Errors“, Peter Lazaroff, Oct. 16, 2016