Regardless of your assets, it is natural to want to decide who inherits from you after you are gone. Having this control over the future is possible, but only if you take the steps needed to create an enforceable estate plan.
With the right help, you can develop a plan that gives you the final say over estate distribution in Melville. By working with a dedicated estate planning lawyer, they could help you navigate this process step-by-step.
When a person passes away without a will or estate plan in place, the courts distribute their assets using a framework known as intestate succession. At no point will the judge take into account the deceased person’s final wishes. In fact, they will ignore any promises made by an individual about how their property will be divided at the end of their life.
The property simply goes to certain family members based on their relationship with the decedent. If the person is unmarried, their children will inherit everything. If a spouse were still living, that person would get half of the estate, with the remainder split among the children. Without any living children or spouses, priority moves to more distant relatives, including parents and siblings.
Unfortunately, this rigid approach can result in unintended heirs inheriting everything. Avoiding this unfortunate situation starts with consulting an attorney in Melville about estate division.
Fortunately, there are tools that can help you control the distribution of your estate in Melville. For example, even after your passing, an effective estate plan can ensure that your wishes are respected.
Determining beneficiaries is a key part of creating an estate plan. A last will and testament should identify all of the property held in the estate and outline who is entitled to inherit it. This may deviate from how the property would be divided under intestate succession.
Other estate planning tools—like trusts—also allow beneficiaries. In this case, the distribution will go directly from the trust to the heir without going through probate. If it is cash, this might come in the form of a check. If it involves real property, distribution requires a formal transfer of a deed.
It is also a good idea to always keep beneficiary information updated. Major life changes can alter a person’s priorities and final wishes, and failure to update the plan could result in a distribution that the decedent did not intend.
There are other beneficiaries to consider beyond those named in a will or trust. Many planning tools require a person to designate an heir as part of the estate distribution process in Melville to avoid probate court entirely.
For example, many people use payable-on-death accounts to ensure their loved ones are given immediate access to their funds. These accounts are transferred on death to the person named as a beneficiary. This occurs immediately without the need for probate court. Similarly, the proceeds of life insurance policies can go directly to the beneficiary.
If you have questions about estate distribution in Melville, consult our team as soon as possible. A strong estate plan with careful beneficiary designations can ensure your assets are divided according to your wishes at the end of your life. Reach out to our office today to learn more during a confidential consultation.
