Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence.
Estate planning is the process of arranging for an orderly disposition of assets after death. Though often overlooked or put off in favor of more immediate concerns, a comprehensive estate plan can resolve a number of legal questions that arise whenever anyone dies. What is the state of their financial affairs? What real and personal property do they own? Who gets what? Does a personal guardian need to be appointed to care for minor children? How much tax will need to be paid in order to transfer property ownership? What funeral arrangements are appropriate?
Your “estate” consists of all property owned by you at the time of your death, including: Real Estate, Bank accounts, Stocks and other securities, Life insurance policies, Personal property such as automobiles, jewelry, and artwork.
Estate planing and administration can be a complicated process and you should seek out the expertise of a NY Estate Planning attorney.