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Estate planning law involves the legal drafting and structuring of wills, trusts, and other arrangements that distribute a person's property after death. It also involves legal issues related to end-of-life planning, like health care directives. In Rochester, United States, estate planning laws follow the general regulations of the state of New York. It is important you create an estate plan to ensure your wishes are respected after your death.
Planning your estate can be complex, especially when dealing with larger estates, a large number of heirs, or contentious family situations. A lawyer can help you understand the intricacies of the law, help you avoid potential pitfalls, and assure that your wishes are legally enforceable. Lawyers may be needed to create a will, set up living trusts, establish a power of attorney, or offer advice on tax advantages.
In Rochester, as per the New York State law, if you die without a will, your estate will be distributed according to the state's intestacy laws. Your first $50,000 plus half of the balance would go to your surviving spouse, and the remaining to your children. If you do not have a spouse or children, the estate would go to your next closest relatives. Additionally, the state laws cover aspects such as estate taxes, gift taxes, and the laws for trusts and probates.
A will is a legal document that ensures your property is distributed according to your wishes after your decease. Without a will, your property will be distributed according to state laws which might not align with your preferences.
An executor is someone you designate in your will to handle your property after your death. The executor carries out the directives in your will, pays your debts and distributes your remaining estate.
Probate is the legal process of administering and distributing a deceased person's estate according to his/her will or state law if there's no will.
Trusts help pass your property outside of probate. They can simplify the process of distributing your assets after decease, avoid estate taxes, and protect your privacy. However, setting up a trust can be more complicated and expensive than drafting a will.
A power of attorney is a legal document where you designate someone to make decisions on your behalf if you are unable to do so due to incapacity.
The New York State Bar Association offers a wealth of resources and can guide you to find an appropriate estate planning attorney. The Monroe County Clerk's Office can provide information and assistance with probate and other relevant matters.
If you need legal assistance in estate planning, look for a seasoned attorney specializing in estate planning in Rochester. Consider setting up an initial consultation to discuss your goals, understand their fees, and determine if they are a good fit for your needs.
