If you are looking for an estate planning lawyer in Babylon, NY, put your trust in the over 30 years of experience of Mikel J. Hoffman, PC. Whether you are young or old, it’s never too early or late to begin to plan for the protection of your property and the prosperity of your loved ones through an estate plan. With an estate plan, you decide who gets your assets and when and how they receive them. An estate plan should include a will, possibly a trust, a living will, health care proxy and power-of-attorney
If a New York resident dies without a Will, the New York intestate rules require that the assets pass to heirs with no direction from the decedent. If the decedent dies leaving a surviving spouse and descendants (children, grandchildren, great-grandchildren), the surviving spouse gets the first $50,000.00 and then ½ of the estate and the descendants get the remaining ½ of the estate. If there is only a spouse, the spouse gets all. If there is no spouse and only descendants, the descendants get all. If none of the above, the rules of intestacy continue depending upon who is the closest surviving relative to the decedent.
Creating an estate plan is important for everyone, but the specific estate plan depends upon your wishes and what needs to be accomplished. There are many factors which will play into your estate plan such as the extent of your assets, whether or not you are married, if you have children or grandchildren, if you have a blended family (re-married with step-children), if you have a child with special needs, the expense of maintaining your residence after your death, or if either you or your spouse will anticipate financial assistance such as Medicaid. These are only a few factors that are considered when planning your estate. Mikel J. Hoffman will help walk you through the process and simplify the legal procedure so the course of planning your estate can go smoothly and easily and you can have peace of mind that your assets will be allocated based on your wishes.
Specific Areas of Estate Planning: