Proper estate planning has you consider the following items:
- Examining what fees you will be exposed to (Federal taxes and State taxes, court fees, legal fees). You will want to see how you can minimize your taxable exposure along with what the courts and lawyers would charge you.
- Business Planning. If you happen to own a company, you will want to consider who will be running it or rather who will inherit your share of the company.
- Look into life insurance policies in order to support your family or loved ones even after you are gone along with long term care insurance in the event you may be sick or injured for an extended period of time.
- Selecting an executor, guardian, or trustee ahead of time so the court system does not select these crucial roles for you.
- Provide instruction as to how you want the possibility of you suffering a life changing disability to be handled.
- Deciding upon who should receive your assets and property, how it should be distributed (lump sum or in portions), and when this property should be distributed.
This is simply an over view of what should be taken into account when looking into estate planning. NY Estate Law can get complicated. It is highly recommended you get in contact with the right professionals to assist you in your decision making. At times, relatives and friends can be subjective. A trusted professional in the estate planning industry could be the best decision you will ever make. Estate Planning Lawyers know how the probate process works, have been to Surrogate's court, and have drafted trusts and wills on behalf of their clients. Instead of taking matters into your own hands, open yourself up to the idea of dealing with a lawyer specialized in the field of estate law.