Countless people avoid making plans for their estate. Whether due to limited assets or denial about the urgency, this error can negatively impact you and your loved ones. An experienced estate planning law firm can help you determine the best way to protect your assets and ensure your wishes are upheld when you cannot.
Why Do I Need an Estate Plan?
Estate planning will protect your beneficiaries from probate and reduce your estate taxes. You can ensure that your assets are protected and distributed appropriately, either until you have passed away or otherwise become incapacitated. Mannion Copani can help you determine the best avenues for your estate plan.
What Happens If I Don't Have an Estate Plan?
Unfortunately, the courts will step in and begin making decisions for you. Upon death, your assets will be divided according to New York probate laws. Likewise, a court appointee will represent you in the event you are physically or mentally incapacitated. This makes your personal affairs part of the public record.
How Do I Begin Estate Planning?
A will or living trust is the first step, though this alone will not avoid probate courts. A will provides your specific asset distribution wishes, though the courts must process it before distributing the assets. Probate can take several months, or even years, and will incur multiple expenses along the way.
On the other hand, a living trust avoids probate, reducing the stress on your beneficiaries. After placing your assets in the trust, you can select a trustee who will assume control when you cannot.
Can an Estate Plan Help with Other Legal Matters?
Yes, you can include several additional documents in your estate plan. A health care directive will ensure a person you designated will make health-related decisions when you are unable to. Additionally, you can include power of attorney documents and plan for your funeral expenses.
Even younger adults with modest assets can protect their family from undue public scrutiny and the emotional pain of probate. If you live in Syracuse, New York, contact Mannion Copani today for a consultation appointment.