Estate Planning Mistakes to Avoid in New York: Protecting Your Legacy and Ensuring Your Wishes Are Honored
To think some estate plan misconceptions and common estate mistakes haven’t done much damage to estate planning is unprecedented. One popular mistake is taking someone else’s estate plan template to create yours. While wills are now downloadable online, be aware that estate planning is not one-size-fits-all. There may be a need to customize your will, trust, as well as other estate documents, to suit your estate goals without compromising the validity of your document, and it becomes imperative that you seek help from an experienced estate planning lawyer near you. These processes are not what you may think. Seek help and let us help guide you. Many people feel they can handle estate planning on their own and so end up not considering critical issues, therefore complicating things for their loved ones after death. This section aims to highlight some of these mistakes. The road to a solid plan can have its obstacles. Contact a professional if need be!
Thinking Estate Planning is Only for the Wealthy
Regardless of the value, whatever assets and belongings you have in your name are called your estate. If all you have is a car and a bank account with two children, if you do not state clearly whom you want the car to go to, then there likely will be squabbles over it when you die. This could be over something small but so precious to you or your loved ones. Do not underestimate smaller items. Without a specific will for specific and essential assets, it will be a dispute on what may occur and cause family discord.
At Morgan Legal Group, we make sure there is a will that encompasses all facets of the family plan. So there are no surprises.
Neglecting Estate Tax Planning
In New York, the estate tax is an amount payable to the State when you die, leaving an estate worth over $5.85 million. The tax can reach up to 16%, which is a considerable amount. This can significantly impact your plan and the wealth that is meant to be passed to loved ones. This can also take away from other important factors. If you skip this crucial step you will greatly impact the assets that your family members will have when they take possession, or help prevent it.
If your estate will be subject to this and you wish to avoid it, your attorney can help achieve that by gifting, establishing trusts, etc. Taking advantage of gifting and having a well-established trust is a great way to avoid this situation and keep everything as it should be.
Not Planning for Probate
If you create a will to disburse your estate, then a complex, lengthy, and expensive court process known as probate must be carried out after your death to validate the will. This can be costly if you are not sure what it means. However, without doing so, your will may not even be valid. So, make sure it is properly recorded and prepared. The will may need to be put through the probate process so there is no confusion. It also gives your loved ones time to reach out, to have their own legal counsel.
Here are some other things that require some action:
- Probate is complex for complex estates and traumatic for grieving families.
- Holding assets in a trust instead of a will can avoid probate.
- When only a few assets are addressed in the will, probate will be less complicated.
When you prepare for your assets, you can greatly help avoid these issues and protect your legacy. Plan out what those might be, and take note.
Neglecting Incapacity Planning
Some people feel estate planning is all about planning for the disbursement of one’s estate after death. Ideally, it also has to do with the management of said estate during incapacity. What would be a great thing to assist with that? It is to be sure you protect all that will protect you during this time. There is incapacity when you are no longer legally competent to make reasonable decisions for yourself. It can be caused by a number of factors, including age and cognitive disorders that come with it. It has to do with documents to authorize a fiduciary to make decisions on your behalf when you become suddenly incapacitated. A skilled law team can ensure all the proper forms are signed and notarized so that all runs smoothly.
Not Updating Your Estate Plan Regularly
If you have already created an estate plan, it is important to review it from time to time. This is because, as life continues, situations change, which would require a relative change to your estate plan. It’s essential to be on top of your changes. Take your time so that your decisions are well thought out and you know what actions to take.
There may be a need for change, including:
- New births.
- Divorce.
- Death of a loved one.
- Changes in who your executor is.
Estate planning laws are also frequently changing.
If you have an estate planning attorney near you, have them review your estate plan to see if it currently coincides with your present wishes and goals. Seek this out to make sure you are completely secure for years to come.
What Could Go Wrong With a ‘Do-It-Yourself’ Estate Plan?
It could be tempting and perhaps less expensive to make estate plans all by yourself. The dangers lie in not creating the proper plans, which would be fit to stand in New York. While it may not be bad to self-engage in some estate planning steps, it is a bad idea to go do it all yourself without involving an estate planning attorney near you. There are numerous dangers involved; be sure to seek professional help.
When selecting someone to help, it is imperative to have their:
- Professional qualifications
- What they can handle or not
- Expertise with the legal side of things
An attorney is the best and most helpful course to ensure your finances are all proper and ethical for the years to come. The right team is in your corner.
Bottom Line: The help you need to be secure!
While wills are now downloadable online, be aware that estate planning is not one-size-fits-all. There may be a need to customize your will, trust, as well as other estate documents, to suit your estate goals without compromising the validity of your document, and it becomes imperative that you seek help from an experienced estate planning lawyer near you. You also want to account for all parts of your life. You do not want to cut any corners.
If you aren’t an estate planning attorney, you may require the help of one when planning your estate. A competent estate planning Attorney has the necessary resources, experience, and knowledge to ensure that your estate plan covers all your wish. An estate planning attorney can also offer you valuable advice regarding how you should plan your estate to avoid the much-dreaded probate process. Let Morgan Legal Group help.
At Morgan Legal Group, we will help you with all of your needs. Reach out to the team at Morgan Legal Group today!
Morgan Legal Group proudly serves the New York City community including the Bronx, Brooklyn, NYC, Queens, and Staten Island. If you are outside of New York City we also serve Long Island including Suffolk County. As well as Westchester, Ulster County, and Orange County.
Click this link to learn more about the people that will have your back in the future.
Google Business Profile Link: Morgan Legal Group PLLC on GoogleNY Courts
The post Estate planning mistakes to avoid in New York appeared first on Morgan Legal Group PC.
The post Estate planning mistakes to avoid in New York appeared first on lawyer.bet.
