In today’s busy society, developing estate plans is oftentimes the last thing on people’s lists of priorities in New York. However, creating wills and other estate planning documents is an important part of planning for the future. Having an estate plan in place will no doubt make life easier on an individual’s loved ones after he or she passes away.
If an asset owner dies without creating a will, his or her estate will end up going through the probate court process. In other words, the individual’s surviving loved ones may have to spend large amounts of energy and time to obtain the assets that are rightfully theirs. Probate is essentially a process that is court supervised and involves paying off a deceased person’s debts as well as passing on his or her property to the intended beneficiaries.
The probate court process includes many fees, such as court fees. The total cost can easily reach between four percent and 10 percent of the given estate’s value. On top of this, the probate court’s decisions may not always line up with what the deceased asset owner would have wanted or expected.
Although estate planning may understandably seem like a morbid topic, putting together comprehensive plans, including wills, is paramount for protecting one’s assets. A qualified attorney can provide the guidance needed to complete well-thought-out estate planning in New York. The attorney’s ultimate goal is to ensure that the client’s desires and best interests are upheld in every aspect of the estate plan.
Source: investors.com, “Estate Planning Checklist: Easy Stress-Free Steps For Getting Organized“, Michele Chandler, March 30, 2018