The biggest law firms in New York City have skilled attorneys and lawyers for probating and estate management. They help people go through the intricate stages of estate planning and distribution. Many seek professional help for estate management to ensure the rightful distribution of their properties after their death. There are also necessary laws to manage the deceased people’s assets in different scenarios. The probate and estate administration are processes of managing and distributing the deceased person’s assets by solving disputes and complexities.
It is great to approach a professional attorney to understand the probate and estate laws better and carry out the estate related works under their guidance. The NY probate & estate laws encompass estate planning during the lifetime of the person and also estate administration when the person passes away to put the estate plan into action. Probating is a part of the estate administration that solves complicated issues related to the assets to distribute them lawfully to the beneficiaries.
What is estate planning?
Estate planning is done when the asset holders are living to decide how their estate will be distributed after their death. NY estate planning laws have provisions of will making to outline how the assets should be distributed after one’s death. Estate planning NY involves trusts that allow people to transfer the ownership of the assets to a trustee who manages them during and after their lifetime. A trust works during the lifetime, while a will is only applicable after the person’s death.
Estate planning also includes ‘power of attorney’ that gives someone the authority to make decisions on your behalf regarding finance management, property selling, and medical decisions. The NY probate and estate laws have health care directives to communicate one’s medical wishes when they are now able to communicate it themselves. There are other guardian selections for your children and life insurance policies included in the estate planning.
What is estate administration?
Estate administration is the process of managing people’s financial affairs and assets after their death. It also puts estate planning into action by carrying out the asset holders’ instructions legally. Estate laws NY has estate administrators to identify the deceased person’s assets, including real estate, insurance, bank accounts, retirement accounts, and so on. They manage paying debts, mortgages, and other due bills with the assets. The remaining estates are then distributed to the designated beneficiaries or heirs.
When is probate required?
Probating is a part of the estate administration process regarding the estate distribution. It is required in the NY probate & estate laws when someone dies without making a will or there are disputes regarding the will. The probate court administrators or personal representatives handle the court process and distribute the estate to the rightful heirs.
Why do you need to hire probate and estate attorneys?
You might consider hiring an estate attorney to make legal documents for your estate planning. They help with personalized plans to save taxes and hand over the maximum possible assets to the beneficiaries. A probate attorney is generally hired by the court-selected personal representative of the probating process after one’s death to solve asset-related disputes and complexities and settle the estate to the rightful heirs and beneficiaries.