Albany Estate Planning Lawyers

Estate Planning Lawyers in Albany, New York

The Albany, New York estate planning lawyers at The Towne Law Firm, P.C. can help you with your estate planning needs. Whether you are the executor of a will and need assistance navigating the probate process, or are considering contesting a will, the estate planning lawyers at The Towne Law Firm, P.C. can help. We are also here to help you plan for your future. Our wills, trust, and succession planning lawyers in Albany, New York at The Towne Law Firm, P.C. can help you preserve your legacy, minimize taxes, and ensure that your wishes are honored.

Estate planning can include many moving parts, including end-of-life planning, powers of attorney, health care proxies, and more. Estate planning can also help you with tax planning and managing your legacy and charitable objectives. Estate planning can include the following documents and structures:

• A Last Will and Testament
• Trusts
• Durable Power of Attorney
• Healthcare Proxy
• Living Will

Your will can outline your assets and property, and name heirs who will receive these assets after you pass away. A trust is a financial arrangement that allows you to pass wealth on to heirs and other family members. With a trust, you can often avoid the probate process, and offer greater clarity on how money or assets in the trust will be managed or disbursed. A trust can be a good option if you’re looking for added tax protections or want to help your heir with money management by disbursing funds at regular intervals. A durable power of attorney is part of many estate plans and end-of-life plans, granting a person you trust the ability to make financial decisions on your behalf if you can no longer do so. Healthcare proxies and living wills name a trusted person or family member in charge of making medical decisions and a living will can specify to this trusted individual the kinds of decisions you would like made, if you are no longer able to make medical decisions for yourself.

It is never too early to begin estate planning. The estate planning lawyers in Albany, New York at The Towne Law Firm, P.C. are here to help. We can review your situation and help guide you on the best structures available to help you with your goals, honor your legacy, and protect your heirs.

What Happens During the Probate Process?

After a person passes away, their will or estate will go through the probate process. Probate is a legal and court proceeding during which an estate’s executor (usually a person named on a will) proves the validity of a will in court, pays off debts on an estate, and distributes the remaining assets as the will dictates. There are some situations where an estate might not go through probate. These situations include:

• Estates valued under $30,000.
• Certain property may not need to go through the probate process. This includes insurance policies, trusts, and retirement accounts. If a person’s estate is structured so that assets do not pass through a will, the family may be able to avoid probate. This can happen if a person uses trusts for their estate planning.
• The person passes away intestate, meaning there is no will. If there is no will, the estate will not go through probate, but rather will be “administered”

Part of the probate process includes accounting for all property, paying all debts and taxes, collecting any outstanding debts owed to the estate, and distributing assets to heirs. Notice of probate proceedings must also be given. This allows any outstanding creditors the ability to take action or make claims. Another aspect of the probate process will include establishing the legitimacy of the will, that is, ensuring that the will was signed and executed when the person was of sound mind and not under undue pressure. During the probate process, family or creditors or other parties can contest the validity of the will.

If you need assistance with the probate process, you may want to reach out to the Albany probate lawyers at The Towne Law Firm, P.C. today. Our probate attorneys in Albany can walk you through the probate process and help you address any issues that may arise. Contact our probate lawyers today.

How Can a Will Lawyer in Albany, New York Help Me?

A will lawyer in Albany, New York at The Towne Law Firm, P.C. can take the time to understand your unique situation, help you write your will, and make sure it’s signed and drafted in a way that will be seen as valid by the courts. When writing your will you’ll need:

• To Name Your Heirs
• List Property and Assets
• Decide Which Heirs Will Receive Which Assets or Decide How Assets Will Be Divided
• Name an Executor to Manage Your Will and the Probate Process
• Sign Your Will in Front of Two Witnesses

An Albany, New York wills lawyer can help you with the will writing process. But more than that, a wills and estate planning lawyer can also take the time to understand your unique circumstances to determine if other estate planning tools are right for you. The wills lawyers in Albany, New York at The Towne Law Firm, P.C. are here to help you with your estate planning needs.

Wills vs. Trusts: Which is Right for You? 

Deciding whether you should have a will, or a trust will depend largely on your financial circumstances and your needs. A trust lawyer in Albany, New York at The Towne Law Firm, P.C. can review your situation and help you understand the specific benefits and drawbacks of a will or trust given your specific circumstances. The benefits of a trust, when the trust is irrevocable is that it can help minimize estate taxes, help protect assets from creditors, and help your family avoid probate court. The downside of a trust is that it can be costly to establish and maintain, and if your trust is irrevocable, you won’t be able to change it later. There are other types of trusts which may not provide the same kinds of legal protections as an irrevocable trust but offer more flexibility and options. Living trusts can also ensure your assets are managed if you become sick and unable to manage your own affairs.

Many people think that trusts are only for the very wealthy, but some families might have the need for a trust in other circumstances. For example, special needs trusts allow families to ensure that a disabled child or loved one is cared for and receives inheritance, without losing his or her disability benefits. Other trusts can ensure that a loved one is cared for if he or she needs long-term nursing care. If you have questions about estate planning, consider reaching out to the trust attorneys in Albany, New York at The Towne Law Firm, P.C. today. We can answer your questions, identify trusts that might be right for you, help you decide which financial structures might be best for your estate planning needs, and help you with all your succession planning needs.

How Can I Contact a Succession Planning Lawyer in Albany, New York?

You can reach out to the succession planning attorneys in Albany, New York at The Towne Law Firm, P.C. at 518-452-1800 or fill out our online contact form today. We are here to help you with your succession planning needs. Whether you need help navigating probate, need help with estate planning, or need assistance with end-of-life planning, The Towne Law Firm, P.C. is here to help. Contact us today.