Have you ever wondered what will happen to your assets after you are gone? The distribution of your assets will take place through the probate process after your demise. However, it is not as simple as it looks. Probate is a time-consuming and expensive process that everyone cannot afford. Therefore, it can sometimes result in the shortening of your wealth and property. A proper estate plan can make the probate process smoother for your heirs. A Probate Attorney Long Island can help you to make a concrete estate plan that ensures the distribution of your assets to your beneficiaries rightly after your death without any hassle.
What Is Probate?
First of all, you need to understand what exactly probate is. It is a legal process by which the transfer of assets occurs through court after the owner’s death. The probate court would divide the deceased person’s property to the heirs if the owner left any will. If the owner passes away without any bill, the probate court distributes the assets to the beneficiaries according to the state’s probate laws.
Why Do You Need A Probate Attorney Long Island?
Every state has its different probate laws by which it transfers the assets of the deceased owner to its beneficiaries. However, most persons do not have the proper knowledge of the probate laws of the state. Therefore, the process can be too complicated without the help of the professional. The attorney can help you save a lot of money, time, and energy in case of distribution of assets. The lawyer’s main aim is to distribute the assets to the heirs rightly according to the will made by the owner. If the deceased person didn’t leave any will, the lawyer could help you settle the affairs correctly.
Many people are aware that probate is a multi-step process. The Probate Attorney Long Island can also suggest ways to avoid probate after your death. He/she can help you set up a robust estate plan using legal tools to prevent the hassle of probate.
Importance Of Estate Planning In Today’s World
There is a myth that estate planning is just for wealthy families. However, it is not valid in today’s world. The truth is that estate planning is equally essential for middle-class persons as wealthy families. According to the latest studies, about 60 percent of Americans die without a will. It can result in the distribution of assets through the probate process, which can even lead to the shortening of your wealth. If the state doesn’t find any deserving heir, the state itself will become the guardian of your assets. Therefore, your family members won’t be able to afford the lifestyle that they were pursuing before your demise.
A Probate Attorney Long Island can make an excellent estate plan using legal strategies. Moreover, without an efficient estate plan, the creditors will try to collect their debts from your personal assets after your demise. The debts will even pass on to your heirs or spouse after you. Therefore, you must not miss making an estate plan in any situation. If you do not plan your state correctly, your family members can lose a large part of your wealth in the form of taxes and probate costs. The attorney can also suggest ways to save your estate from inherent charges.
Charge Of The A Probate Attorney Long Island
Many people hesitate to hire a probate lawyer because they are not aware of how much he/she charges. You can directly ask the attorney about the fees that he/she will charge according to your situation. However, there will be some additional charges, like legal fees and probate costs. The lawyer can also give you an idea about these charges according to your requirements. The prices of the probate lawyer can vary from case to case. It will depend on many factors like complications in the case, the person left with a will or not, and other things.
The Probate Attorney Long Island can charge you by using different methods. One of them is the hourly charge. An experienced lawyer can charge you higher for the hour as compared to a newbie lawyer. The best option you can prefer is a flat fee. You can directly ask for a flat fee by telling them your requirements and situation.
Some lawyers also use the percentage of the estate method for taking their fees. In this method, the attorney demands some percentage in assets. However, you can negotiate with your lawyer if you find this method unsuitable for you.