Estate Planning 101: Your Top 10 Questions Answered

Let’s be honest — most people don’t jump out of bed eager to chat about estate planning (except us, of course!).  Most people don’t know what to ask or what even matters until it’s crunch time. So, we’ve pulled together the top 10 questions everyone should ask an estate planning attorney and added our answers as a guide. After all, making plans for your legacy should feel empowering, not intimidating.

1. How Can I Avoid Probate?

Probate is the court-supervised process that validates your will, appoints your nominated Executor and ensures assets are distributed according to your wishes. Assets held solely in your name will likely need to go through the estate administration process known most commonly as “probate”, which can be time-consuming and public. However, with proper planning (such as designating beneficiaries, using joint ownership, or establishing a trust), you may be able to minimize or avoid probate entirely.

2. What are the Benefits of Establishing a Trust?

Trusts can be valuable tools for many individuals, not just those with significant wealth. They allow you to control how and when your assets are distributed, offer added privacy, and sometimes minimize taxes or protect vulnerable beneficiaries. There are various types of trusts, each serving different purposes and appropriate for unique goals and circumstances.

3. Is it Possible to Disinherit someone?

If you intend to exclude someone from your estate plan, it’s essential to state this explicitly in your legal documents. Without a Will or designated joint owners or beneficiaries, state law will determine how your assets are distributed - potentially against your wishes. Simply leaving someone’s name out may not be enough to prevent misunderstandings or legal challenges.

4. What’s the Difference Between a Revocable Trust and an Irrevocable Trust?

A revocable trust can be altered or revoked during your lifetime, giving you ongoing flexibility and control. An irrevocable trust, once established, is generally permanent and more difficult to change. Still, it may provide distinct legal protections or tax benefits. We are happy to explain the advantages and considerations of both options.

5. What Happens if I Want to Change My Trust?

The ability to revoke or modify a trust depends on its type. If your trust is revocable, changes are more straightforward. For irrevocable trusts, modification is often complex and may require legal proceedings or agreement from beneficiaries.

6. Is Estate Planning Important No Matter My Age?

Yes! Estate planning is essential for everyone over 18. Having key documents like a will, power of attorney, and health care directives ensure your wishes are honored and someone you trust can step in when needed. Planning early eliminates uncertainty and brings peace of mind to you and your loved ones.

7. What is a Power of Attorney?

A power of attorney is a legal document that authorizes someone you trust to make financial decisions on your behalf if you are unable to do so. Selecting the right agent is critical; this person should be responsible, trustworthy, and capable of managing complex matters.

8. Can I Keep My Will Private Until Needed?

Your will stays confidential during your lifetime and doesn’t require court filing. After you pass, it’s usually filed with the probate court as part of the estate process and becomes public record. We can explore secure storage options to protect your documents while you’re alive and ensure they’re accessible to those who need them.

9. What If I Don’t Have an Estate Plan?

Without an estate plan, the laws of New York state will determine how your assets are distributed and who will manage your affairs if you become incapacitated or pass away. This may not reflect your wishes and can place unnecessary burdens on your loved ones. Proactive planning gives you control and helps prevent legal complications and conflicts.

10. What Happens to Assets Left to Minors?

If assets are left directly to minors, the court usually appoints a guardian to manage them until the child reaches legal adulthood, at age eighteen (18). Creating a trust allows you to select a responsible trustee and set conditions for when and how assets are distributed. This provides greater flexibility and assurance that your intentions for your children or grandchildren will be carried out appropriately.

Secure Your Legacy

Estate planning doesn’t have to be uncomfortable or overwhelming. Asking the right questions puts you firmly in the driver’s seat, ensuring your wishes and your loved ones’ futures are on the right track. If you have questions or are ready to take action, we are here to help you move forward with clarity and confidence.