Estate Planning Facts

• The term "estate" consists of all the property a person owns or controls, whether in his or her sole name, held in a partnership, in a joint ownership arrangement, or through a trust, and all other monies that would be generated on the person's death, such as through life insurance.
  
  
• If a person dies with a Will ("testate"), the probate court determines if the Will is valid, hears any objections to the Will, orders that creditors be paid and supervises the process to assure that property remaining is distributed in accordance with the terms and conditions of the Will.
  
  
• If a person dies without a Will ("intestate"), the probate court appoints a person to receive all claims against the estate, pay creditors and then distribute all remaining property in accordance with the laws of the state. The major difference between dying testate and dying intestate is that an intestate estate is distributed to beneficiaries in accordance with the distribution plan established by state law; a testate estate (after payment of debts, taxes and costs of administration) is distributed in accordance with the instructions provided by the decedent in his/her Will.
  
  
• The typical cost to probate an estate is in the range of 3% to 7% of the total estate value. Check your local lawyer in your city or state from our zip code lawyer search at top of this page. The laws can be complicated old & hidden, finding a local will and trust lawyer is almost mandatory to make sure your will and trust problems are solved.
  
  
• A Will is a written document, generally prepared with the help of an attorney, that provides instructions for the disposition of a decedent's (dead person's) property. The term "Last Will and Testament" is simply a more complicated name for a Will.
  
  
• Don't cut corners get legal advise. A Living Will is the popular name for a document spelling out the general kinds of medical care you would want--or not want--in the event you became unable to communicate with your health care providers. Other names for a Living Will are a "medical directive" or "medical declaration". It does NOT impact who gets your property or who is your Personal Representative or Guardian of your minor children.
  
  
• Some people simply are not able to manage their own financial affairs. For these people, there are a number of courses of action, depending on the mental state of the person and the laws of the home state. A popular choice is to obtain a power of attorney, which is a notarized, revocable document allowing you to handle a specific matter or a wider range of affairs. It can involve one or more than one person, but if they are required to act together, getting consensus on how to handle your affairs will, undoubtedly, prove to be irritating and infuriating at times.

Contact our New York estate planning attorney now.

	Did You Know?
	A "Family Limited Partnership" can be used to own and manage your property In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.