Estate Lawyer Near Me
Did You Just Search For An “Estate Lawyer Near Me”?
If so, you have arrived at the best place possible as the Queens Ledger will now bring you our featured estate planning and probate lawyer for the whole borough. So guess what? Your are a lucky duck because when you searched for the term “estate lawyer near me” on Google – you probably never thought you would get guidance as good as this. So without further introduction, our top choice for wills, trust and everything estate related is none other than…
Law Offices Of Roman Aminov Queens, NY Estate Planning & Probate Office
Ok folks, that’s our featured pick. We will now share Roman Aminov’s official information:
Law Offices Of Roman Aminov Queens, NY Estate Planning & Probate Office 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/queens-ny-estate-lawyer/.
Estate Planning Versus Probate – The Lowdown
Estate Planning and Probate are related processes in the management of a person’s assets and affairs, but they occur at different stages and serve distinct purposes. Here’s a comparison:
1. Estate Planning
- Definition: The proactive process of organizing and arranging how a person’s assets will be distributed after their death, and how personal and financial affairs will be handled if they become incapacitated.
- Purpose: To minimize legal challenges, streamline asset distribution, reduce taxes, and ensure the individual’s wishes are honored.
- Key Tools:
- Will: Specifies how assets are distributed and appoints guardians for minors.
- Trusts: Legal arrangements to manage assets, which can bypass probate and provide specific terms for distribution.
- Powers of Attorney: Grants authority to a designated individual to make financial or medical decisions.
- Living Will: Specifies healthcare wishes if the person is incapacitated.
- Beneficiary Designations: Direct asset transfers (e.g., for life insurance, retirement accounts).
- Benefits:
- Reduces the burden on family members.
- Avoids or minimizes probate.
- Protects privacy, as trusts do not become public record.
- Can help reduce estate taxes.
2. Probate
- Definition: A legal process that occurs after someone dies, during which a court oversees the distribution of the deceased’s estate and settles debts.
- Purpose: Ensures the decedent’s will is valid (if one exists) and that their assets are distributed legally and fairly.
- Steps in Probate:
- Filing the Will (if applicable): The executor submits the will to the probate court.
- Asset Inventory: Identifying and appraising the deceased’s assets.
- Debt Settlement: Paying off outstanding debts and taxes.
- Asset Distribution: Transferring remaining assets to heirs or beneficiaries.
- Probate is Needed When:
- A person dies without a valid estate plan or trust.
- There are disputes among heirs or creditors.
- Certain assets are not covered by a trust or beneficiary designation.
- Drawbacks:
- Time-consuming (can take months or years).
- Costly due to court fees, attorney fees, and administrative costs.
- Public process, meaning the estate details are accessible to the public.
Key Differences
| Aspect | Estate Planning | Probate |
|---|---|---|
| Timing | Done during life | Occurs after death |
| Goal | Avoid complications and probate | Distribute assets legally |
| Privacy | Typically private (trusts) | Public court process |
| Costs | Upfront planning costs | Court and legal fees |
| Control | Full control over decisions | Court oversees decisions |
In summary, estate planning is about preparing for the future to ensure assets are managed efficiently, while probate is the legal process of resolving a person’s estate after they pass. A robust estate plan can often reduce or eliminate the need for probate.
