Guide to Finding New York Estate Lawyer

At some point in your life, you may decide to begin planning how to manage your property and money now and after your death. A New York estate lawyer is often helpful in this technical area. You want to ensure that both you and your loved ones experience as little difficulty as possible when dealing with your property and finances. While you do not need a NY estate lawyer to create a will or set up your property, in most cases you will want to consult one if you are unsure of the legal implications of your actions. Here are some things to consider when managing your estate.

Estate law

New York estate lawyers deal with all areas of litigation regarding your total assets. These include property, money and stock options. Areas of practice for NY estate lawyers include:

• Helping draft wills

• Planning for prospective or current long-term medical expenses

• Managing the taxes and expenses of the deceased

• In bankruptcy cases, determining what property those filing for bankruptcy can retain

In short, “estate law” covers many different areas. A New York estate lawyer will be a specialist in one area of this legal field rather than a general practitioner. Below, these complicated issues are examined in more detail.

New York estate lawyers and wills

Assuming your mental health is sound, you can create a will with instructions as to how to divide your property and assets after your death anytime after the age of 18. Unless you are a member of the military or navy, you will need a written document that has been properly completed. This means your will must be written and have signatures from two witnesses. NY estate lawyers can ensure the language of your will is legally correct and will not lead to disputes after your death. They can also help you determine what parts of your property or assets are exempt from estate taxes.

You may wish to appoint an executor who make sure the terms of your will are fulfilled. Friends, family and New York estate lawyers can all be entrusted with this responsibility. Having someone you trust to manage your affairs after your passing is important for people with many assets or people with complicated wills.

NY estate lawyers and medical expenses

The elderly and those in ill health need to think about managing the expenses of medical care. In some cases, you will need to file for help from Medicare. Others may choose to hire a New York estate lawyer as a safeguard to help them establish a living trust. This essentially protects your assets from interference. Long-term financial planning of this sort will probably require you to ask for help from a trusted financial advisor, a NY estate lawyer and other people experienced with any state and federal laws that apply.Managing the estate of the deceased

If you have created a will, that does not mean that you have completed all planning for your death. You may wish to alter your will using a codicil or draft a new document. New York estate lawyers can help make sure that the will or wills you have left follow all federal and state laws.

After your death, your estate will be subject to federal and state taxes. A New York estate lawyer can help survivors and those appointed with executing the conditions of a will avoid unnecessary payments. If your will is not correctly drafted, your estate may be divided according to New York’s laws, nullifying your wishes.

Bankruptcy and NY estate lawyers

People facing financial difficulties may wish to file for bankruptcy. If you can demonstrate that you are unable to meet your financial obligations, it may be possible to stave off creditors and start over. This is a highly procedural and technical area of the law. A New York estate lawyer can help you file for bankruptcy properly.

This process does not require you to give up all of your property. New York estate lawyers can help you determine what of your property is exempt from being sold off to satisfy the demands of a creditor. This is especially important when it comes to protecting any retirement plans you have.

Hiring a NY estate lawyer

If you decide to take legal steps to manage your assets, you are not legally required to seek the assistance of an attorney. However, you should consider talking to NY estate lawyers if you can afford to pay for their services. Some people may also want an attorney rather than a friend or relative to divide their assets after their death. In this case, it is especially important to establish a relationship with an NY estate lawyer you can trust to faithfully and carefully execute your will after you pass on.

When you decide to seek private, specialized counsel in this area, ask friends and relatives to recommend any attorneys they have worked with and trust. The New York State Bar Association can also help you find an NY estate lawyer who can assist you. You may have to meet with several attorneys before you find one you trust to manage your assets.

Prepare to meet any New York estate lawyer by having a clear picture of what you hope to accomplish. Are you safeguarding assets for the future or trying to protect them now while you file for bankruptcy? Are you aware of all the state and federal laws that could apply to you? Knowing what you want a NY estate lawyer to do for you will help you conduct any meeting without wasting time.

Make sure you have all relevant financial records. Err on the side of providing your NY estate lawyer with too much documentation rather than offering too little. During your first meeting, make sure to clearly establish what kind of fees you will be paying, how often you will be paid for them and what kind of expenses your loved ones may have to shoulder after you pass on.