Essential Estate Planning Tips You Should Be Aware Of
Did you know that only about 58% of baby boomers have a will or estate planning documents in place? Trusts and estates planning attorneys recommend that everyone have some type of will or estate documents in place, especially if they have children, are married, or have assets.
Having an estate in place will only benefit you and your loved ones. Without these important documents, your items will be left to the state and dispersed according to the law and court.
Our trained and skilled trusts and estates attorney in NYC is here to help you navigate through the process and provide some essential tips to assist you in creating a trust or estate. If you have any questions for us, give our office a call today at 212-561-4299.
Trusts and Estates: What to Know
Estate planning is essential and can save you and your loved ones from several undesirable outcomes. Below, you will find some trusts and estates planning tips that can assist you as you plan for yours and your loved one’s future.
- Get a guardianship plan in place.
- Assign a medical power of attorney.
- Determine and update beneficiaries.
- Assign a financial power of attorney.
- Create a will.
If you have minor children, you need to have a guardianship plan in place for them. This plan will tell everyone what your wishes are if you were to pass unexpectedly. Basically, this plan will dictate who will raise your children if both parents were to pass.
You want to have a medical power of attorney in place as this individual will step in and make medical decisions if you cannot make them yourself. This document will help avoid any debates and conflict over medical care too.
Beneficiaries are those individuals who will receive your assets and wealth when you pass. Therefore, it is important that you assign them to your life insurance accounts, bank accounts, and any other accounts you have.
This is an important document as it allows someone to step in and manage your money if you are unable to do so. One of the nice things about this type of document is that you can limit the individual’s powers as well.
It is a good idea to have a will in place as the will determine what happens to any assets or properties that you do not keep in a trust. This means that your home, car, bank accounts, and family heirlooms are covered in this document.
Talk to a Trusts and Estates Attorney Today
Estate planning is an essential part of preparing for the future. While it may be scary and unknown territory to you, our trusts and estates attorney can assist you and walk you through the process.
If you would like to schedule a consultation with Morgan Legal Group PC, do not hesitate to call our office today at 212-561-4299.