5 Reasons You Need an Estate Plan

Reasons you should create an estate plan with an estate planning attorney

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To plan for the event of any incapacity:

no one knows what can happen at any time, events like health issues and accidents can lead to your incapacitation. It is in your best interest to have ready measures to facilitate proper management when you can no longer actively make these decisions due to incapacity. The following estate plan document prepares you for any kind of incapacity.

Power of attorney:

Incapacitation might occur during life situations and it is advisable to have someone to fill in the vacuum and make decisions as you would and on your behalf. The power of attorney is a powerful and highly important document in estate planning as it allows you to appoint a competent individual of your choice to make financial decisions in your stead. Our estate planning attorney will ensure to include this in your estate plan.

Healthcare proxy:

this is similar to the durable power of attorney; in fact, it is a type of POA that deals with the healthcare provisions of an estate owner. It grants power to appoint an individual to make favorable decisions regarding your treatment options and healthcare services in all, when you can no longer make these decisions due to incapacitation.

To decide whatever, you wish to do with your wealth:

this kind be done with a basic estate planning document know as Will. This document explicitly expresses an estate owner wish on who should inherit their assets after they die. However, a Will is bound to undergo probate unlike a living trust which offers a lot more advantage. Your estate planning attorney will help you prepare whichever one that serves your best interest.

To cut down on heavy taxation:

an estate plan facilitates accurate tax evaluations in ensuring that your designated heirs do not have to pay huge tax debts. It implements strategies by legal provisions such as charitable donations and transferring your assets into a living trust to free up the burdens of your taxable estate. A professional estate planning attorney knows how the state and federal taxes work on estates. in New York, a portion of your estate known as estate tax, goes to the state government, if your estate value exceeds a certain amount at your death. To prevent these situations of heavy and unfair taxing, the estate planning attorney applies a legal estate planning strategy. This way you maximize the value of the assets you would be transferring to your designated beneficiaries.

To ensure who benefits from your estate:

With the help of an estate plan, you can choose who will benefit from your estate. This will help to avert conflict within your family as to the matter of rightful inheritance. Transferring your assets into a living trust also helps to prevent them from creditor’s claim.

To ensure extensive care for your ward or loved ones:

prior to incapacitation, you can appoint a guardian for your ward or even your aging parents. An elder law attorney also helps your aging parents to secure government provided benefits for the aging population. It is good practice to include this during your estate planning if your parents are still alive.

These and many more are the benefits of having an estate plan and the best way to enjoy these benefits is to hire an estate planning attorney New York to help you navigate this crucial activity in compliance with state law, reach out to us today.

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.

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