A Guide to Estate Planning in New York: Protect Your Assets and Family

Categories: Estate Planning, New York Estate Planning Laws

Imagine a scenario where you’re suddenly unable to make decisions for yourself. You’ve accumulated assets over the years and have a family you care about. What happens to them if you’re unable to make decisions? Estate planning is crucial to ensure that your assets are protected, and your family is taken care of. In this article, we’ll cover the laws in New York regarding estate planning and walk you through what you need to know to protect your assets and family.

Laws in New York for Estate Planning

In New York, there are specific laws that govern estate planning. The state has a comprehensive set of rules that dictate how assets are distributed after a person’s death. The regulations ensure that the deceased’s wishes are carried out and that the assets are distributed according to their wishes.

What to Consider When Estate Planning in New York

• Decide who will make decisions for you if you become incapacitated
• Decide who will manage your assets if you become incapacitated
• Determine who will receive your assets after your death
• Decide how your assets will be distributed after your death
• Choose an executor to handle your estate after your death

Step-by-Step Process of Estate Planning in New York

1. Meet an experienced estate planning attorney in New York to discuss your goals and what you’d like to achieve.
2. Consider your assets and liabilities and how you’d like them distributed after death.
3. Decide who will be your executor and who will make decisions for you if you become incapacitated.
4. Create a will that reflects your wishes and ensure it is properly executed and witnessed.
5. Consider setting up a trust if you want to ensure that your assets are distributed in a specific way.
6. Review your estate plan regularly to make sure it continues to reflect your wishes.

Stats on Estate Planning in New York

• According to the National Association of Estate Planners & Councils, only 42% of Americans have a will.
• In New York, the average cost of an estate plan is around $2,500.

The Importance of Taking Action Soon

Estate planning is essential for everyone, regardless of age or assets. It ensures that your assets are protected, and your family is taken care of in case of an unexpected event. The longer you wait, the more challenging it becomes to create an estate plan that reflects your wishes.

Choose an Experienced New York Estate Planning Lawyer

Estate planning can be complex, and it’s essential to work with an experienced estate planning attorney in New York. A good estate planning attorney can help you navigate the laws in New York and ensure that your estate plan is executed correctly.

In conclusion, estate planning is crucial to ensure that your assets are protected, and your family is taken care of. By following the steps outlined in this article and working with an experienced New York estate planning lawyer, you can protect your assets and ensure that your family is taken care of. Take action today and secure your future.