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Do I Need Estate Planning in Manhattan?

Estate planning is not just the professional constitution of a will, but it is the minimizing of taxes paid and the avoidance of family problems when it comes to distributing one’s wealth after they pass away. The last thing anyone would want is for all their hard-earned assets to be given to the government, or to non-deserving parties when in reality, they should be given to their loved ones.

An estate planning lawyer in Manhattan can help a person get the paperwork together to ensure their assets are only given to their loved ones and that they are not wasted in any way.

A common misconception that people have is that estate planning is simply for those who are very wealthy and who have large estates to give away after they pass on, but this is far from the truth. No matter how small or big a person’s estate is they should still have their wills and trusts looked over by a legal professional.

Why do I need a last will and testament?

The main reason for creating a last will and testament is so that a person has written on paper how much of their wealth should be distributed, and to whom it should be distributed after they pass away. If a person passes away without having this, then the law of their current area of residence will govern how their wealth will be distributed.

In Manhattan, the general rule is that one’s spouse is given the first $50,000 of their estate plus half of the remaining estate and the remaining amount goes to their children alongside government taxes. So, if a person wanted to give some of their estates to their parents, friends, or change the distribution between their spouse and children, that wish would not be honored unless that had that written in a legal will.

It is in a person’s best interest to get their estate planning done through an attorney as soon as possible, especially if they have a very large estate and specific dependents who they wish to ensure their assets get passed on to. A person can get last will forms online for a small fee and fill them out themselves, but this is strongly not recommended, as these forms may not be taken as seriously after a person passes away and they may be prone to estate litigation which can cost a lot of money.

Getting one’s estate planning done through an attorney also ensures that one’s specific circumstance will be taken into consideration and that one’s document will be tailored to the current issues that surround estate planning. The fact that the lawyer will supervise the signing of the will is greatly beneficial when it comes to probating the will.

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