Partner
Estate planning is a topic that may not come naturally to many people, nor do they necessarily desire to think about it, since it invokes thoughts of one’s demise and leaving their family behind. However, the consequences of failing to make a comprehensive estate plan could be enormous and cause severe disruption and heartache for your surviving relatives.
If you live in Syracuse, it’s imperative that you determine now what your estate plan will be so you can have the peace of mind of knowing that legal and emotional issues will be minimized upon your passing. Working with Carden Dotzler Hammond, PLLC is the best way to establish your individualized plan.
Control Over Your Property and Who Inherits It
One of the most important reasons you need an estate plan is that without one, New York intestacy laws and judges will get to decide what happens to your property – and, namely, who inherits it. The last will and testament is perhaps the fundamental building block of any estate plan, and with this document you get to decide how your estate is distributed and to whom. You can use your will to resolve which heir will take which property items so that unnecessary strife and division in your family are kept to a minimum.
With a carefully drafted last will and testament, you get to define and preserve your legacy. It is one of the most significant ways you can affect your family’s financial prospects for potentially generations after your passing.
Naming Executors and Guardians
You can also decide who will serve as the executor of your estate and name that individual in your will. This person will be responsible for managing your property and ensuring the preferences expressed in your will are carried out. New York law also allows the testator (the person who makes and executes the will) to name alternate executors and even co-executors.
In the event you were to die and leave behind minor children, your will can dictate who will serve as their guardian. Otherwise, a court in Syracuse will need to weigh in through a guardianship proceeding and, ultimately, appoint someone you might not have wanted to be the guardian.
Reducing Taxes and Avoiding Probate
New York imposes an estate tax that kicks in at a lower threshold ($7.16 million as of 2025, with future increases due to inflation) than the federal estate tax. Smart planning now can help avoid or minimize both state and federal estate taxes. For instance, the use of certain trusts and the annual gift exclusion can help save your family money.
You can also use trusts to avoid the expensive and lengthy process of probate, by which a Syracuse judge must oversee the settlement of your estate. Certain assets can skip probate if they are placed in a trust. There are various options for how to structure your trust, and they provide tax savings, privacy, and other advantages for you and your beneficiaries.
Managing Your Health and Financial Matters If You Are Unable To
If you were to suddenly become sick or incapacitated, who would take control of your financial matters and ensure your bills are paid, taxes are filed, and business and property are managed? An even more distressing scenario: you fall into a coma or are otherwise unable to communicate your health care preferences. Who gets to make these decisions on your behalf?
For these and related reasons, you need to consider a durable power of attorney, health care proxy, and living will. You can use these instruments to designate trusted agents who will be able to access your financial information, sign documents on your behalf, and make decisions about your medical treatment and end-of-life care. This avoids the need for complicated, emotional, and expensive legal proceedings among your family members.
Get Started With Your Estate Plan Today
The simple fact is that foregoing an estate plan is risky, both in terms of your personal assets and your well-being. It can also leave your family in limbo and force them to make difficult and contentious choices. If you live in Syracuse and have never created your estate plan, or it’s been a while since you’ve updated it, reach out to CDH Law today to get started.