Comforting Guidance And Answers For Your Estate Planning Concerns
Making end-of-life legal plans is never appealing. It can even seem intimidating. When you work with me at The Law Office of Frank Hosein, Jr., though, I try to make you feel comforted by the thought that you are setting your family up for a secure future through an estate plan.
My name is Frank Hosein, Jr. I work with clients in throughout the five boroughs and Long Island to create wills, trusts and other estate planning documents. Here, I have answered some of the frequently asked questions that I hear from my clients about making an estate plan.
Is there a difference between a will and estate planning?
A will is just one document in an estate plan. It lets your surviving loved ones know which of your assets should go to whom. Your estate plan should have several other important documents including:
- A power of attorney
- A health care directive
- Guardianship designations if you have children
While a last will and testament goes a long way toward helping your loved ones if you pass away, it is just one piece of a comprehensive estate plan.
What will happen if I die without a will?
If you die intestate – or, without a will – the court handles your estate according to New York state’s laws of intestacy:
- If you have a spouse but no children, your spouse inherits your entire probate estate.
- If you have a spouse and children, your spouse inherits half of everything plus $50,000. Your children inherit the other half.
- If you have children but no spouse, your children inherit your entire probate estate.
To ensure that your assets pass to the beneficiaries you choose in the amounts you choose, you should have a legally sound last will and testament.
Should I still prepare an estate plan if I don’t have many assets?
Yes. Every adult should have an estate plan, even if they think they do not need one. Life is unpredictable and you never know what will happen tomorrow. Even if you do not own significant assets, your estate plan simplifies legal matters for the people you love.
What should I consider putting into a will?
Your will can include details such as:
- The names of your beneficiaries
- The name of your executor
- Which assets should pass to which beneficiary
- The guardian you want to take care of your children
When you sit down with a lawyer, you can discuss what else you should include, if anything else is needed.
What if I need to make changes to or update my estate plan?
It is a smart idea to update your estate plan regularly. After all, life can change significantly in the span of a few years. Sit down with your attorney to amend your existing documents or draft replacements as appropriate.
Ask More Questions To An Estate Planning Attorney
For most of my clients, these questions are just a drop in the bucket. I can give you even more answers when we speak in an initial consultation. To request yours, please call me at 347-786-8618 or send me an email.