It’s easy to overlook the potential impact of estate planning, but if you’ve ever been party to a probate estate where someone didn’t do any estate planning, you’ve seen the havoc this can cause. By taking some time in advance and communicating with an estate planning lawyer, you can make things much easier for your loved ones and streamline the process of asset distribution when you pass away.
If you don’t create an estate plan in New York, state rules will determine what happens to your property and which members of your family get it. This may not be the same transfers you had in mind, so it’s well worth taking the time to document what you want.
There are major benefits associated with sitting down with an estate planning attorney and talking through all of the documents and strategies you need. These include the following:
- Minimizing taxes and other expenses. Since these could significantly reduce the value of your estate, you may think about other ways to transfer assets to your loved ones, such as through a trust.
- Removes the possibility of probate. Prevent conflicts in your family by minimizing how many of your assets go through the probate process.
- You get greater control of asset distribution, since this gives you the authority to choose who inherits your assets.
- Reduce conflict among family members by creating a clear estate plan. This decreases the possibility of a will contest or other probate dispute causing problems in your estate.
- Protecting your beneficiaries, by ensuring that those you wish to receive an inheritance receive it in a timely fashion and in the amount you wanted.
- Reduces the burden on loved ones. Your loved ones will go through a difficult time after you pass away, and you can make this much easier by completing your estate planning now.
Talk to a New York City estate planning lawyer today.