Estate planning attorneys specialize in the legal aspects of managing your assets during your lifetime and arranging their distribution after your death. They help you plan for the future, ensure your wishes are honored, and minimize potential legal complications for your loved ones. At Albert Maimone & Associates, our experienced attorneys in Queens, New York guide you through every step of the estate planning process, from drafting a simple will to establishing a trust or putting guardianship paperwork in place. They explain each option clearly so you can make informed decisions for the wellbeing of your family.
Estate planning is one of the most important, yet often overlooked, aspects of financial and personal security. It goes beyond writing a will. It involves making significant decisions that protect your loved ones, preserve your assets, and ensure your affairs are managed just as you wanted in case of your death or incapacitation.
The starting process is often overwhelming, but having the right professional guidance in Queens can make it much smoother. An estate planning attorney can walk you through the details and give you the clarity and peace of mind that your wishes will be carried out exactly as you intend.
Read on to learn more about estate planning, what an estate planning attorney does, how they can help you secure your family’s future, and when you need one.
What Is an Estate Planning Attorney?
Also known as an estate planning lawyer, estate probate attorney, or estate planner, an estate planning attorney is a licensed legal professional who specializes in end-of-life planning. They assist you in making important decisions and establish a legally sound plan that dictates how your life insurance proceeds, heirlooms, property, and other assets will be managed or distributed after your passing away.
They educate you on the estate planning process and the laws that affect the transfer, disbursement, and taxation of your estate.
What Do Estate Attorneys Do for You?
Estate planning attorneys work with their clients and, if needed, with tax professionals and financial advisors to develop a customized estate plan tailored to their unique needs.
Key responsibilities of an estate attorney include:
- Identifying the beneficiaries
- Creating advanced healthcare directives and plans for long-term care
- Drafting wills, trusts, and establishing limited or durable powers of attorney
- Developing strategies to minimize estate and inheritance taxes
- Creating plans for the care of minor children, loved ones with special needs, or other dependents for their safety and financial security
- Assisting with probate and estate administration after your demise
- Guiding you in better management of complex assets, such as businesses or real estate
- Ensuring all estate documents are in compliance with state and federal laws
Experienced estate planning attorneys focus on your preferences and priorities and consider your family’s unique needs to determine the best type of plan depending on your circumstances. They help you create legal documents that give you control over what happens immediately following your death.
Why Should You Hire an Estate Planning Attorney?
Hiring an estate planning attorney is the lawful way to ensure that your assets, property, and personal wishes are protected and properly executed. Estate laws can be complex, and even minor errors in documentation can lead to disputes, financial losses, and confusion for your loved ones.
Working with an estate planning attorney gives you a chance to document your wishes clearly, protect your loved ones from dealing with probate court and minimize potential legal or tax issues. These attorneys do more than just draft a will. They prepare a comprehensive set of legal documents that can meet almost any need.
Benefits of Hiring an Estate Attorney
An experienced estate planning attorney is an invaluable resource for guiding you through the estate planning process. They help you create a comprehensive, legally binding plan that fits your unique needs and eliminates confusion, conflicts, and undue emotional stress following your death.
Some benefits of hiring an estate planning attorney include:
- Legal advice from a specialist who understands your situation
- Clear insight into the laws that affect your estate plan
- Customized plans that work for you and your family
- Smooth transfer of property and assets to loved ones
- Guidance for family members, even when you are not there
An estate planning lawyer can help ensure that your loved ones have financial security after you pass away or that you have enough specialized trusts and legal documents to maintain control over how your assets are managed. With their knowledge and guidance, you can make decisions for people who matter most to you.
Preparing Yourself for the Estate Planning Process – Key Steps to Follow
Preparing for your first estate planning meeting with an attorney can feel intimidating. This is mainly because you may be unsure of what to expect or which details you will need to provide.
Estate planning involves discussing personal topics such as finances, family dynamics, and end-of-life wishes, which can feel overwhelming. However, with the right preparation and a knowledgeable attorney by your side, the process becomes much easier and more straightforward.
The following steps can help you prepare for the estate planning process, making it easier and much straightforward.
Step 1 – Choosing an estate planning attorney
Choosing the right estate planning attorney is most important. Find an experienced attorney or law firm that specializes in estate law, state and federal tax planning, and trust administration to prevent gaps or oversights in your plan.
You can also ask friends, family, or colleagues for references. They may connect you with the right estate planning attorney.
Step 2 – Organize yourself
Getting organized and gathering the relevant documents is a very important part of preparing for your estate planning meeting. Having your financial and personal information readily available gives the attorney a complete picture of your assets, allowing them to assess your situation effectively and develop a plan that accurately reflects your goals.
Keep the following documents ready
Statements of assets, including:
- Bank account statements
- Investments and brokerage account statements
- Pensions and retirement account documentation
Policies and declarations such as:
- Life insurance policies
- Real estate and timeshare deeds
- Beneficiary and guardianship designations
- Divorce decree(s)
- Birth and adoption certificates
- Business ownership and partnership interest documents
Accounting of debt, such as:
- Mortgage
- Loan documents
- Credit card statement
- Intellectual property, trademark, patent, and copyright documents
Collecting all this paperwork might take some time, but it will give your attorney a chance to thoroughly review your personal and financial situation. They will be able to develop a well-structured, customized estate plan that reflects your wishes, minimizes potential conflicts, and ensures your loved ones are fully protected.
Step 3 – Discuss your plans with your family
Talking to your family or loved ones and discussing your plans about your passing away is not an easy conversation and may result in a lot of emotional reactions. However, having this discussion is essential to reduce confusion, ease future stress, and ensure that everyone understands your wishes and feels included in the planning process.
You can make the discussion easy by breaking it up into small discussions about things like:
Who will manage your finances and affairs if you are unable to do so?
Who will act as executor and oversee your assets and property distribution?
Who will care for your children or dependents?
Who will make funeral and memorial arrangements or decisions that reflect your values?
Step 4 – Prepare your questions
After you have organized your documents, it is time to have a discussion with your estate attorney.
Ask your attorney the following questions:
- What assets should be included in my estate?
- What are the tax implications of my preferred tax plan, and how can I reduce the tax burden?
- How can you ensure proper execution of my will?
- How long does it take to complete the estate planning process?
- Who will take care of my documents or store them?
- How will you update my estate plan, and do you conduct periodic reviews?
Your attorney will answer your questions, provide solutions that ease your concerns, and make you comfortable. If you are not satisfied with the answers, start looking for another attorney.
Is Estate Planning Only Necessary if I Have a Lot of Money?
No. Estate planning is not only for the rich or affluent people. Everyone can benefit from having an estate plan, regardless of the value or the size of their assets.
Estate planning lawyers use several tools that enable you to control what happens to your estate if you cannot make decisions on your own in case of an illness, injury, or death. Designating heirs and beneficiaries for your assets is the main goal of estate planning. Without an estate plan, a probate court often decides who gets what, and this process can be lengthy, unpleasant, and even hurtful to beneficiaries.
It is not only about distributing wealth. It is about ensuring your wishes are honored, your dependents, such as minor children, loved ones with special care, or aging parents, are cared for, and important decisions are made according to your preferences.
Whether you are thinking about estate planning or want to revise an existing plan, Albert & Peter Maimone in Queens can be the trusted partner you need. We provide personalized guidance to help you protect your assets, secure your loved one’s future, and assure that your instructions are clearly documented and legally enforceable. Our experienced and dedicated attorneys take the financial stress out of end-of-life planning and offer strategic solutions that give you peace of mind and confidence in your decisions.