What is the purpose of an Estate Plan?
The purpose of an Estate Plan is to create a plan for the transfer of your assets after your death. At the Hamdan Law Firm PLLC we work with our clients to understand their estate, understand their goals and advise on what we think the best steps are. When creating an estate plan you will need to make decisions about your Will. In a Will you will designate your property such as residential property, real estate, cash, and personal items. You will need to designate an Executor of the Will who is required to follow the guidelines of your will and distribute your estate accordingly.
Often, I speak to clients who are thinking of creating an Estate Plan but are not quite sure what it entails, how it will benefit them and their families and are uncertain about paying the cost. If you are to think of a cost benefit analysis of creating an estate plan versus not creating an estate plan, you would start by thinking about assessing how much it would cost for your family to go through the Administration process in Surrogate’s Court. Most people are unable to manage the Administration process at ease on their own and will need to hire an attorney. An attorney will charge a fee that could run the price of $5,000.00 to $7,000.00 in New York City. This is comparable to the cost of an Estate Plan. Estate Plans can sometimes be less and save a family money and stress from having to navigate the Administration process after death. Another point to keep in mind is that if you do not create a plan, New York State has a statute through which your estate will be administered. A Will can give you control over how you want to distribute your estate between family, friends, and charitable causes.
A few things to think about before creating an Estate Plan is to think about who you would want your fiduciaries to be and what is a part of your estate. When you book your first initial consultation with us, we will ask questions about your family and estate. We look forward to hearing from you.