The estate planning process is a crucial part of organizing your assets. The decisions you will make in the process will affect the future disposition of your property and who, how, and when your assets will be distributed.
In this article, we will discuss:
Estate planning is the process used to distribute your assets and your property at the time of death with the help of an attorney to avoid leaving the fate of your property in the hands of the state.
An example of estate planning is a will, which distributes your property to the persons and entities you choose. If you don’t have a will, the state has various statutes that determine how your property gets distributed. This is called intestate succession, which basically means the state will make the decisions regarding the distribution of property for you.
An asset is anything that you have that has value. The following items could be considered as assets:
In some instances, articles such as a ring passed down for generations can also be considered an asset. All these items and others can be included in the estate plan.
A will is an essential tool in the estate planning process. It names the executor or the administrator of your estate and sets forth how you want your assets distributed. Having a will in New York is essential because, without one, the state will make those important decisions for you.
Attorney Peter Hobaica is a seasoned lawyer based in New York who has helped countless clients like you navigate the intricacies of Estate Planning law. With experience spanning over 40 years, he is prepared to assist you with estate planning and will writing to ensure your beneficiaries benefit from your assets and properties.
If you still have questions or want to start the estate planning process, you can contact the Hobaica Law Office today to schedule your initial consultation.
Beneficiaries are an important part of the estate planning process. There are two types of beneficiaries. The first is a named beneficiary who can be named in a trust, insurance policy, or pension plan.
The second type is a designated beneficiary. This can be a person or an entity. The type of beneficiary you choose depends on your wishes and who or what you want to support.
Incapacity can present unique challenges in the estate planning process. This is why it is recommended that you start the process as early as possible and not wait until your “golden years” when you may not have the capacity to make important decisions for yourself.
Incapacity is mainly related to cognitive incapacity, which can be caused by a traumatic injury or conditions such as dementia. An estate planning attorney can help you plan for incapacity by establishing a durable power of attorney. This way, if incapacity presents itself, some can act on your behalf as if they were you and make the critical decisions at that moment without creating legal challenges.
An estate lawyer wears many hats, especially if it is your first time in their office. First, the lawyer is an advisor. You can sit down with them, and they can help you understand the different tools available to you depending on the size and complexity of your estate.
In addition with the creation of your Will, an estate lawyer can also assist with probate or estate administration process.
If you would like to find out more about estate planning in Utica, New York, or you’re ready for that initial consultation, you can contact our law firm by calling
(315) 627-2800
Attorney Peter Hobaica is a seasoned lawyer based in New York who has helped countless clients like you navigate the intricacies of Estate Planning law. With experience spanning over 40 years, he is prepared to assist you with estate planning and will writing to ensure your beneficiaries benefit from your assets and properties.
If you still have questions or want to start the estate planning process, you can contact the Hobaica Law Office today to schedule your initial consultation.
