When people think of planning for the future, they often overlook one important part: planning for what happens after they're gone or incapacitated.
That's where an estate planning attorney steps in.
These legal professionals help you make arrangements to protect your assets, support your loved ones, and ensure your wishes are honored. At McAdoo Estate Planning, we help New Yorkers through these necessary decisions, giving them the confidence and certainty needed to keep their future and legacy secure.
Role of Estate Planning Attorneys
Estate planning attorneys are legal specialists who focus on helping individuals prepare for the management and distribution of their assets upon death or incapacitation.
Key Responsibilities
Their main responsibilities include drafting wills and trusts, advising on tax implications, setting up powers of attorney, and assisting in guardianship designations. They also navigate probate court, help with trust administration, and ensure that documents comply with the laws.
Common Services Offered
Estate planning attorneys often provide services such as:
- Last Will and Testament preparation
- Living trusts and irrevocable trusts
- Advance healthcare directives
- Financial powers of attorney
- Probate representation
- Medicaid and elder law planning
Why Estate Planning Matters
Estate planning isn't just for the rich—it's for anyone who wants to make sure their loved ones are taken care of and their wishes are followed. It's all about keeping control over your future, no matter what life throws your way.
Protecting Assets
Proper planning helps safeguard your assets from unnecessary taxes, probate delays, or disputes among heirs. Whether it's a family home or a retirement account, planning ensures your property is transferred smoothly.
Ensuring Wishes are Honored
Without a plan, the state decides what happens to your estate. Estate planning lets you make those decisions in advance, including who inherits, who cares for your children, and what kind of medical care you receive.
Types of Estate Plans
Estate planning isn't one-size-fits-all. Different tools serve different needs.
Wills
A will is one of the most well-known estate planning tools—and for good reason. It allows you to clearly state who should receive your assets after you pass, and it gives you the power to name a guardian for your minor children. Think of it as your voice when you're no longer here. While a will is essential, keep in mind that it must go through probate, a legal process that can take time and may involve court fees.
Trusts
Trusts are a bit more advanced, but they offer big advantages. A living trust, for example, lets your assets skip the probate process altogether—saving your loved ones from extra stress and delays. Trusts also give you more control over how and when your assets are distributed. You can set conditions, protect privacy, and even plan for things like incapacity. There are many types of trusts available, and the right one depends on your specific goals.
Choosing the Right Attorney
Picking the right estate planning attorney is the most important part in the entire sequence.
Qualifications to Look For
Look for licensed attorneys with a focus on estate law, a strong local reputation, and memberships in organizations like the New York State Bar Association's Trusts and Estates section.
Questions to Ask
- How many estate plans have you drafted?
- Do you have experience with families like mine?
- How do you charge for your services?
- Will you review and update my plan periodically?
Costs Involved
Estate planning costs vary based on complexity and attorney experience.
Hourly Rates
Some attorneys bill hourly, typically between $300–$600+ in NYC. This is common for consultations or complex estate issues.
Flat Fees
Others offer flat fees for specific services, like $1,500 - $5,000 for a basic will and trust package–so you know the cost upfront.
Common Mistakes to Avoid
Neglecting Updates
Your life isn't static—your estate plan shouldn't be either. Major events like getting married, divorced, having a child, or even buying a home can all impact your plan. If you don't update your documents to reflect these changes, your plan might not work the way you intended. A quick review every few years—or after any big life change—can help keep everything current.
Not Planning for Taxes
Estate and inheritance taxes can take a big bite out of what you leave behind. Without proper planning, your loved ones could end up facing unexpected costs. A good estate planning attorney can help structure your plan to lower or even avoid these taxes, keeping more of your legacy in the hands of your family.
Estate Planning for Families
Families face unique planning challenges and opportunities.
Blended Families
Blended families—where one or both partners have children from previous relationships—come with unique dynamics. Without a well-thought-out estate plan, it's easy for unintended conflicts to arise between a surviving spouse and children from earlier relationships. A clear, legally sound plan helps ensure that everyone is treated fairly and that your wishes are honored. This might include setting up specific trusts or designating separate inheritances to avoid disputes down the road.
Minor Children Considerations
If you have young children, estate planning is one of the most important things you can do for their future. You'll need to name a legal guardian to care for them if something happens to you, which can offer peace of mind knowing they'll be raised by someone you handpicked and trust. You can also set up a trust to manage their inheritance until they're old enough to handle it themselves, and appoint a responsible trustee to oversee it. These steps help ensure your children are protected, both emotionally and financially.
Business Estate Planning
If you're a business owner, estate planning is essential for continuity and protection.
Succession Planning
An estate planning attorney can help develop a succession plan to transfer leadership or ownership smoothly when you retire or pass away.
Asset Protection
Protect your business assets from creditors, lawsuits, and probate complications with proper planning structures like LLCs and irrevocable trusts.
Digital Asset Planning
In today's world, estate planning isn't just about physical possessions or bank accounts–it also includes your digital life. From social media to cryptocurrency, it's important to make sure your online assets are part of your overall estate plan.
Social Media Accounts
Your social media profiles—like Facebook, Instagram, and LinkedIn—don't automatically disappear when you pass away. Without a plan, your loved ones may not be able to access or manage them. Many platforms now offer tools like “legacy contacts” that allow someone you trust to take limited control of your account, whether it's to post a memorial message, download content, or close the profile. Including these wishes in your estate plan ensures your digital presence is handled the way you want.
Cryptocurrency
If you own digital currencies like Bitcoin or Ethereum, planning ahead is very important. Unlike traditional bank accounts, crypto wallets can be nearly impossible to access without the right keys or passwords. That's why it's important to securely store your login information and clearly outline how your cryptocurrency should be handled. You'll also want to make sure it's included in your legal documents, so these assets aren't overlooked or lost forever.
Post-Mortem Planning
Trust Administration
If you've set up a trust, that's great– now it's time to think about what happens next. After your passing, your chosen successor trustee steps in to manage and distribute the assets held in the trust. This can include paying debts, handling taxes, and making sure beneficiaries receive what they're entitled to. While the process is usually smoother than probate, having legal guidance can help your trustee avoid common pitfalls and stay on track.
Probate Process
If your estate doesn't include a trust, it will likely go through probate, a court-supervised process for distributing assets and settling debts. Probate can be time-consuming, public, and occasionally expensive, especially in a state like New York. However, a knowledgeable estate planning attorney can help your family navigate the process more efficiently, offering support every step of the way.
Start Planning Today with NYC Estate Planning
Our team at McAdoo Estate Planning LLC is dedicated to helping you and your family protect what matters most. Whether you're creating an estate plan for the first time or updating an existing one, our team will work closely with you to craft a personalized strategy that fits your unique needs and goals.
Contact us today to schedule your consultation and start securing your future!
