Estate planning is a necessity and not difficult if you speak to n estate planning lawyer.
When it comes to estate planning, some people have a lot of misunderstanding concerning this concept. First of all, estate planning is something which everybody needs. Like it or not, everyone must one day die and there would be assets left behind which would have to be passed into the ownership of someone else.
Here are 3 common lies usually told to avoid estate planning:
My estate is not big enough and I don’t need to plan.
This is the most common myth about estate planning. Often, people believe that estate planning only benefits the extremely wealth, but this is so far from the truth. The reality, however, is that you need an estate plan no matter how much property you have. Planning now for the future with an estate lawyer would never be regretted. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles.
No matter the financial or medical situation you are in today, contact an estate planning attorney to help you solve one of your most important task in life, which is planning for the future, yours and that of your family. Without a plan, you lose the ability to determine who gets you property and assets upon you death.
Estate planning is expensive and takes a lot of time
Many people refrain from estate planning because of the myth that it is too expensive. They avoid the cost of creating wills and trusts; little did they know that when these estate planning documents are not in place before one dies, more expenses will be incurred by the surviving family in trying to dispose the property. Creating a will or trust shouldn’t take more than a day, provided you know what you want and how to definitely express these desires. You can contact a highly competent estate planning attorney for guidance in establishing these documents, and the Internet has even provided templates of wills. Simply research for the option which best fits your situation.
Estate planning only takes effect after my death
When it comes to matters of death, people have this phobia that keeps them from talking about it. They cringe at the thought of their death and so do not want to plan towards it. But is this really so? In estate planning, there are legal documents called trusts and living wills which take effect even before the death of the individual. As the name implies, a “living will” takes effect during the lifetime of the individual, and handles matters concerning fatal or terminal health conditions. A person who desires his estate to be managed by some other person during mental or physical incapacity (since such person would be incapable of handling his or her own affairs themselves) may consider creating a trust. A person who desires to lay down instructions on how his medical upkeep should be handled may require creating a living will to spell out these instructions. Obviously, these estate planning tools are not just for after death situations and it is high time this estate planning misconception is annulled.
You may think this would be so easily for your family, but do they know exactly what your wishes are? Even if they do, there is likely to be conflict amongst them as each person would be fighting for their own interests since there is no legal document. They would have to hire a probate attorney and an estate administrator, and even then, your estate will be distributed according to laws of intestacy. All these hiccups increase the waiting time for your family to receive their inheritance. To avoid putting your loved ones through financial and psychological stress after your death, it is high time you draw an estate plan.
Contact our Estate planning lawyer
Our estate planning lawyer is empathic and listens keenly to the problems and goals of his clients, and then offer legal assistance in drafting a proper estate plan that addresses each issue and helps achieve the estate goals. Having an estate plan is not enough, having a proper one that better reflects your intentions and offers you the best benefits is what matters most. Estate planning is a legal and financial matter, one better left in the hands of the professionals to ensure that these mistakes do not affect you. Do you live anywhere within the area code or any other New York borough? Contact our estate planning attorney today.