What are the two most important purposes of estate planning?

Share This Post

The Core Objectives of Estate Planning and Assessing the Need for Probate

Estate planning is crucial to preparing for the future and ensuring your assets are handled in line with your desires. It serves several essential purposes, with the primary ones being asset preservation and efficient asset transfer. Additionally, in New York, various factors influence whether probate is necessary. In this guide, we’ll delve into these two critical estate planning goals and the process of evaluating the need for probate in the state.

Primary Objectives of Estate Planning

Estate planning encompasses a comprehensive strategy aimed at achieving specific objectives. Here, we’ll explore the two most significant goals:

1. Asset Preservation

One of the primary aims of estate planning is to safeguard the wealth you’ve accumulated over your lifetime. This entails minimizing estate taxes, reducing administrative expenses, and shielding assets from potential creditors and legal claims. Strategies for asset preservation may include creating trusts, implementing gifting strategies, and employing tax-efficient methods to transfer assets to your beneficiaries.

2. Streamlined Asset Transfer

Efficient asset transfer ensures that your assets are handed over to your chosen beneficiaries with minimal delays and complications. This facet of estate planning aims to prevent conflicts among heirs and ensures that your loved ones receive their inheritances smoothly. It involves crafting a clear and legally sound will or trust, designating beneficiaries for retirement accounts and life insurance policies, and specifying your preferences regarding the distribution of particular assets.

Evaluating the Need for Probate in New York

Probate is a legal process that validates a will and supervises the distribution of assets to beneficiaries. However, not all estates require probate, and determining its necessity involves considering several factors:

Ownership Structure of Assets

Assets held jointly, as community property with the right of survivorship, or in tenancy by the entirety typically bypass probate and are directly transferred to surviving owners. Similarly, assets with designated beneficiaries, such as life insurance policies and retirement accounts, avoid probate.

Estate Value

In New York, estates valued at or below $50,000 are recognized as small estates and may be eligible for simplified probate procedures or even exemption from probate entirely.

Validity of the Will

If the deceased left a valid will, and there are no disputes or challenges regarding its authenticity, the probate process can proceed more smoothly.

Out-of-State Property

If the deceased owned property in other states, additional probate proceedings may be necessary in those jurisdictions.


Estate planning serves two primary objectives: asset preservation and streamlined asset transfer. It’s imperative to develop a comprehensive estate plan to attain these goals while minimizing potential conflicts and expenses for your beneficiaries. The need for probate in New York depends on various factors, including asset ownership structures, estate value, will validity, and out-of-state property holdings. Seeking professional guidance, as provided by Morgan Legal Group, can help you navigate the intricacies of estate planning and probate in New York.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group PLLP.

Got a Problem? Consult With Us

For Assistance, Please Give us a call or schedule a virtual appointment.
Estate Planning New York Lawyer Estate Planning Miami Lawyer Estate Planning Lawyer NYC Miami Lawyer Near Me Estate Planning Lawyer Florida Near Me Dental Near Me Lawyers Probate Lawyer Hallandale Beach Probate Lawyer Near Miami Estate Planning Lawyer Near Miami Estate Planning Attorney Near Miami Probate Attorney Near Miami Best Probate Attorney Miami Best Probate Lawyer Miami Best Estate Planning Lawyer Miami Best Estate Planning Attorney Miami Best Estate Planning Attorney Hollywood Florida Estate Planning Lawyer Palm Beach Florida Estate Planning Attorney Palm Beach Immigration Miami Lawyer Estate Planning lawyer Miami Local Lawyer Florida Florida Attorneys Near Me Probate Key West Florida Estate Planning Key West Florida Will and Trust Key West Florida local lawyer local lawyer mag local lawyer magazine local lawyer local lawyer elite attorney magelite attorney magazineestate planning miami lawyer estate planning miami lawyers estate planning miami attorney probate miami attorney probate miami lawyers near me lawyer miami probate lawyer miami estate lawyer miami estate planning lawyer boca ratonestate planning lawyers palm beach estate planning lawyers boca raton estate planning attorney boca raton estate planning attorneys boca raton estate planning attorneys palm beach estate planning attorney palm beach estate planning attorney west palm beach estate planning attorneys west palm beach west palm beach estate planning attorneys west palm beach estate planning attorney west palm beach estate planning lawyers boca raton estate planning lawyers boca raton probate lawyers west palm beach probate lawyer west palm beach probate lawyers palm beach probate lawyersboca raton probate lawyers probate lawyers boca raton probate lawyer boca raton Probate Lawyer Probate Lawyer Probate Lawyer Probate Lawyer Probate Lawyer Probate Lawyer best probate attorney Florida best probate attorneys Florida best probate lawyer Florida best probate lawyers palm beach estate lawyer palm beach estate planning lawyer fort lauderdale estate planning lawyer in miami estate planning north miami Florida estate planning attorneys florida lawyers near mefort lauderdale local attorneys miami estate planning law miami estate planning lawyers miami lawyer near me probate miami lawyer probate palm beach Florida trust and estate palm beach Miami estate law Estate lawyers in Miami