Long Island City

estate planning and probate law

Probate Legal Services:

When someone who left a will behind passes away their is a legal process to claim their assets knows as “probate”. This legal process takes place at a local surrogate court and can sometimes be a difficult process. If one did not leave a will behind the process becomes much trickier. The potential heir of the estate will need to embark in a process knows as “estate administration”. This process also takes place at the local surrogate court.

 

Speak to a Long Island City probate lawyer today for a free phone consultation at 347-766-2685.

The Need For An Estate Planning Attorney

There are many vital issues that should concern people when it comes to their future. Having one’s estate set up for proper distribution can help keep your family secure and keep them away from unnecessary conflicts. One must also make sure they have enough funds to take care of their own health-care needs down the line. In addition, one must understand the legality of how taxes effect an estate in order to plan properly.

Speak to a Long Island City Estate Planning lawyer today in the 11421 area for a free phone consultation at 347-766-2685.

Estate Planning Guide For Long Island City

The Risks of Not Having an Estate Plan

Not taking estate planning seriously has always lead to big regrets later on. It doesn’t take a lot

of time and nobody has ever regretted doing it. It will save massive amounts of money and will

make sure things go the way you want it to while avoiding delays that can stretch out for years.

Not having any estate plan at all is the most common and biggest mistake that Americans

make. This is also the most expensive mistake that leads to the worst results. Majority of people

postpone estate planning until they reach old age. The usual logic behind this is “I’m young and

don’t need to worry about it till later on” or other excuses like “I don’t have a big estate right now

anyway” and in many cases, the idea of estate planning never even come to mind.

So what are the consequences of not having an estate plan?

First of all, If you are young with a small estate and young children, who will take care of them?

Who will handle your estate and cover your children’s education? Who will be responsible for

raising them and making sure they turn out well?

If you don’t have an estate plan a judge will decide all of these things for you. A judge will

choose who will be your children’s legal guardian to manage their inheritance and also choose

who will be guardian of their person who will raise them.

Judges can appoint lawyers, or professional trustees to handle your estate. These people

charge for their services and aren’t cheap. Your parents as well as your spouse’s parents will

have a lot of influence in court and godparents are not automatically chosen. The appointed

guardian chosen may not even share your beliefs or practice a different religion. Everything will

be done in court and can last for several years.

So even if you don’t have a large estate, this should be more than enough reason to have some

estate plan. You don’t want decisions like these left to people you don’t know.

Second, If you happen to have a business, you will definitely need an estate plan. Without an

estate plan, you will have no control over what happens to your business. You cannot control

who gets it or who will make all the major decisions for it when you are gone. If you don’t have

a living trust, all aspects of your business, such as finances, will be available to the public and

your competitors.

Third, depending on which state you are from, if you don’t have an estate plan, a probate judge

will award your estate according to the laws of distribution. In most cases, it is split between

your spouse and children.

And last of all, if you don’t have an estate plan, you will not be able to avoid probate. Probate is

the court process of distributing your entire estate except small ones and those with living trusts.

This is a long expensive and public process that damages families in all kinds of ways.

 

If you live in 11101- Long Island City Area and need help planning an estate you can call us now for a consultation.