Estate Planning Tips in Buffalo, NY
Planning your estate is one of the most important steps you can take to protect your family, your assets, and your legacy. For residents of Buffalo, NY, understanding specific aspects of estate planning, including local laws and common considerations, is crucial for ensuring your wishes are clearly documented and legally enforceable. This guide will walk you through essential estate planning tips tailored for the Buffalo, NY area, including what to consider when creating your plan and how to get professional help.
Why Estate Planning Matters in Buffalo, NY
Many people mistakenly believe that estate planning is only necessary for the wealthy or elderly. The truth is, everyone benefits from having an estate plan in place. Whether you own a home in Buffalo, have a growing family, or simply want to ensure your medical decisions are honored if you’re unable to communicate, estate planning helps to provide peace of mind. With New York state laws governing wills, healthcare proxies, and the probate process, it’s also vital to ensure your documents meet all legal requirements. Without proper planning, your assets may not be transferred according to your wishes, and legal complications could arise.
Key Estate Planning Tips for Buffalo, NY Residents
1. Start with a Legally Valid Will
A will is the foundation of any estate plan. It specifies who will inherit your assets, who will act as guardian for your children, and who will look over the distribution of your estate. Why it’s critical in Buffalo, NY is because New York State law dictates how assets are distributed if you pass without a will. This process, called intestacy, may not align with your personal wishes and could lead to family disputes.
2. Consider Trusts for Greater Control and Efficiency
Trusts are powerful tools that allow you to manage and distribute your assets while avoiding certain legal processes like probate. Types of trusts to consider:
- Revocable Living Trusts - These can be changed or canceled during your lifetime and allow assets to pass directly to beneficiaries without probate.
- Irrevocable Trusts - These provide more robust asset protection and may help reduce estate taxes. Once created, these trusts typically cannot be altered.
3. Plan for Medical and Financial Decisions
Estate planning isn’t just about what happens after you pass. It also ensures your preferences are honored if you’re unable to make decisions for yourself. Here are some examples to consider:
- Healthcare Proxy - Appoint someone you trust to make medical decisions on your behalf.
- Living Will - Outline your wishes regarding life-sustaining treatments and end-of-life care.
- Power of Attorney (POA) - Appoint an individual to handle your financial and legal matters if you become incapacitated.
4. Address Tax Implications
New York State imposes an estate tax on estates valued above the exclusion threshold. Planning ahead can help reduce this burden for your heirs. Consider creating trusts to shelter assets, making lifetime gifts to reduce the value of your taxable estate, and consulting with a professional for strategies tailored to your financial situation.
5. Regularly Update Your Estate Plan
Life events such as marriage, divorce, the birth of a child, or the purchase of a new home in Buffalo can drastically alter your financial and legal landscape. Review your estate plan every few years or after major life changes to ensure it still reflects your wishes.
How Our Buffalo, NY Estate Planning Lawyer Can Help
Navigating estate planning laws, tax regulations, and legal documentation can be complex. Partnering with an experienced estate planning attorney ensures your plan is both effective and legally binding. Maureen A. McCready Attorney at Law has served the Buffalo, NY community since 1973, helping residents secure their futures by assisting with drafting wills and trusts, creating powers of attorney and healthcare proxies, probate and estate administration, estate tax planning, asset protection strategies, and more. Maureen A. McCready takes a personalized approach to estate planning, tailoring her services to meet your unique needs and goals. Whether you’re starting from scratch or looking to update an existing plan, contact us to work with a knowledgeable attorney!
