Estate planning is about proper management and handing over of the assets to your family members after your death. But, it is not as simple as it sounds. Estate lawyers are the ones who can help you navigate through this cumbersome process. They work with financial instructors and tax attorneys to develop a personalized plan based on the situation. Find out the importance of an estate-planning lawyer here.
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What does an estate lawyer do?
Estate attorneys assist the clients in managing the assets of the deceased and handle the court proceedings for estate administration. The main responsibilities of the Estate planning lawyer in NY include collection and listing of the assets of the deceased, estimation of their overall value them, and creating and filing the petition along with the required affidavits. Their job also includes opening account for the Estate, giving the executor necessary instructions to pay out the debts of the decedent, naming the property after the beneficiaries, and submitting the tax returns. In addition, they also work to distribute the estate value to all the beneficiaries according to the conditions of the will.
Why do you need an estate-planning attorney?
The most important reason you need to keep an estate attorney is the very little knowledge you have on the legal system for inheriting the assets. Every family has the right to know what their spouse and children get after expiration. It is essential for everyone so that their family do not have to incur hefty property transfer fees. An Estate planning attorney goes through economic and health conditions to understand who will handle the assets or how your funeral will be done. The lawyers take stock of the situation and make a great estate plan, which include the final will, the power of attorney, the trusts, and the proxy for health care. This plan is designed to meet all your wishes and at the same time, it saves the heir the bother of bearing additional expenses.
Find out how estate planning differentiates from probate
Estate planning is the system of developing a strategy in the client’s lifetime to ensure that the family has a well-drafted will. Estate planning lawyer in NY also emphasizes the inheritance process and health care. Probate, however, deals with the legalities after the testator passes away, which involves legal acquisition of some portions of the Estate.
How would you arrange a meeting with an estate attorney?
You can have thousands of questions and doubts in mind before meeting with an estate lawyer. But you should not. Instead, you can follow some simple steps to have a successful discussion. First, you have to select a well-known Estate planning lawyer in NY with a good record of accomplishment. You can ask family members, friends for sources. Once you get the contacts of the most successful lawyer, you collect all the valuable documents that represent your assets properly.
You need to talk beforehand with your family to choose the people you will give the responsibilities to. In the next step, you prepare questions on Estate planning NY for the attorney. After completing all these tasks, you should call the lawyer and discuss your asset handling process in detail.