Estate law can be an incredibly difficult branch to navigate. With so many options for personal relationships and ex’s and stepchildren there are seemingly endless places an inheritance can end up. An estate might be subject to expensive taxes if not managed properly by a professional attorney. An incorrect word could alter the whole meaning of the will or trust. Overall there are many reasons why you should hire an attorney to help you either set up an estate plan long before one is needed or to help you understand a completed estate plan. An attorney can aid you when it comes to contesting an estate plan or an executor and much more. The reasons scheduled below should persuade you to hire a competent estate setting up attorney to draw your estate planning documents.
Estate planning is implied in the ancient Latin saying, “Caveat Emptor” (Buyer Beware), – you might be in for a shocker if you take the short cut and download forms from the internet or a self-help book to make your estate development documents. You could have part or even all of your will, trust or medical and financial power of attorney being invalid legally, costing your loved ones a large amount of dollars engaging a qualified estate planning attorney to clear up the mess.
Should any of the situations listed below apply to you then you are better guided to seek an experienced estate planning attorney to make your estate planning documents. Else the biggest share of your estate could land in the hands of a probate lawyer, IRS or New York’s revenue department.
This is especially true if one of the following applies to you:
• Yours is a subsequent or other marriage
• You run a business
• You have real assets in more than one state
• Your family has a disabled kin member
• You have young children
• You have problematic children
• You are childless
• You intend to leave some or all of your assets to a charity
• You have considerable property in 401(k)s or IRAs
• You are divorced
• You recently lost a partner or other kin
• Your estate exceeds $1,000,000.
If you need an estate attorney in New York, give us a call at 718-509-9774.