You've probably heard stories about families fighting over the wills of rich, dead people. Hey, you've probably even heard of people fighting over the wills and estates of people that weren't so wealthy.
It's a sad reality for many New York estate planning attorneys. Families can often be torn apart after fighting over the distribution of assets upon the death of a loved one. And while you can never truly be certain that you've done an adequate job shielding your loved ones from this unnecessary drama, you've heard about planning your estate.
What is "estate planning"?
Before you seek out a New York estate planning lawyer, you should understand the basics. When you pass away, things aren't always self-explanatory with regards to the distribution of your assets.
That's why many people choose to "plan" their estate.
Estate planning can take many shapes. Sometimes, a person will plan their estate on their own. Other times, there may be many players involved or a large net worth of the estate.
As such, some people tend to leave estate planning in the hands of a competent NY estate attorney. Estate planning might be done through a simple will. Or it might take the form of trusts, both revocable and irrevocable. Some people plan their estate not only to provide clarity to their heirs, but also, to avoid having estate tax applied to their estate. Others plan their estate to leave money for charity.
Over the next few weeks, we'll address the basic estate planning issues in this blog, both through simple and basic explanations to analogies with news stories. And while we can't fully explain the intricate legal framework that is estate planning, you'll have a better understanding and will be able to converse intelligibly with your New York estate planning lawyer.
Estate planning is much more than the preparation of legal documents. It's financial planning and planning for the future of your heirs.