What is Estate Planning?

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What Is Estate Planning?
FAQs and Answers
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Estate Planning
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What Is Estate Planning?
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At its heart, estate planning is about answering
the question of what you want to happen to your
property after you die
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ESTATES
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What Is an Estate?
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Your estate is all the property you leave behind
you after you are dead
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It includes all of your assets, as well as your
liabilities or debts
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probate
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What Is Probate?
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Probate is the legal process that applies to your
estate
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Once youre dead, your estate will have to go to
new owners
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New York probate laws govern this process
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INTESTACY
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What Happens to My Estate If I Dont Have an
Estate Plan?
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If you die without an estate plan, your property
will still have to be transferred to new owners
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However, you will not have any control over how
this happens
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Instead, your property will pass in accordance
with New Yorks intestacy laws
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INCAPACITY PLANNING
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What Is an Incapacity Plan?
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Apart from addressing estate concerns, estate
planning also addresses what will happen to you
should you become incapacitated
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Incapacitated people cannot make choices, and
need others to do so on their behalf
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AGE AND WEALTH
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Arent Estate Plans Only for the Old And Or The
Wealthy?
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No
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Every adult has estate planning questions that
only they can answer
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If you fail to answer these questions, you leave
it to the laws of the state of New York to
answer those questions for you
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CHOICES
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What Is the Best Time to Begin Estate Planning?
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Immediately
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EVERY CAPABLE ADULT should have at least a basic
estate plan made as soon as possible
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LEARN MORE ABOUT ESTATE PLANNING IN ROCHESTER NEW
YORK
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