Here To Guide You Through Estate Planning And Administration
At Hobika Law Firm in Utica, we hold more than 50 years of experience in estate planning and administration in the state of New York. We know that each family and estate comes with unique circumstances, and we are prepared to help you come up with a suitable plan and follow through on it.
What Your Estate Plan May Entail
Even as you make customized choices, you are likely to make use of one of the following avenues to engage in estate planning:
When you die without a will, the court will assign your assets as fairly as possible, typically to close family members. With a will, however, you can have a say in who gets what, assigning your beneficiaries according to your preferences. You will also assign an executor to administer your will once you are deceased.
Trusts come in many different forms to fit specific needs. For example, you can create a trust and name your child as the beneficiary of your property, but specify that he or she only inherits it at a certain age. You can also name a trustee to administer your trust.
- Health Care Directives
A health care directive is also known as a living will. It allows you to provide written guidance on medical decisions to be made on your behalf, in the event you become unable to make them. You can also name someone to serve as your proxy for making those decisions.
- Financial power of Attorney (POA)
A financial power of attorney allows you to grant rights to someone else who can manage your assets in the event that you are not of a sound mind to make important financial decisions. This person will be able to handle your major financial transactions, including real estate and business.
With so many ways you can approach your estate plan, you can rely on our lawyers to help estimate the value of your assets and come up with financial goals that will maximize your wealth transfer.
Administering Your Estate Plan
When choosing an executor who will administer your will, it is helpful to consider how to approach probate. As a result, you should choose someone who understands the underlying desires of your estate plan and who can communicate them effectively.
The person you have assigned will not only be responsible for distributing your property, but also ensuring that your debts are paid and that legal guardianship for your children is secured. Our attorneys can help you choose qualified representatives to administer your estate plan so that you can feel confident and at peace with your choices.