An estate plan and a will go hand in hand. An estate plan is not complete without a will. And it is important you understand that estate planning is more than drafting a will. To create a good estate plan, there are other important documents you need to consider aside from a will. There is the power of attorney, health care power of attorney, letter of intent, a trust, etc. All these legal documents put together are what makes a quality estate plan.
Contrary to what some people believe, estate planning is for everyone. This plan is for the rich and the poor. In fact, an estate plan is for those who wish to secure their future and the future of those they care about.
Before we move further, let’s take a look at what estate planning is.
What is estate planning?
Though common, not everyone knows what the term estate planning is. And this is because a huge percentage of people don’t see the importance in planning an estate. Estate planning is simply a plan an individual makes while alive for the management, distribution, and or disposal of their assets during their lifetime of after their demise.
Types of assets that can comprise of an individual estate include real properties (like buildings and lands), intellectual properties, cars, insurance, shares and stocks, banks accounts, including other personal properties.
It is very important that you contact an estate planning attorney Buffalo, NY, and plan your estate as failure to do so may not necessarily affect you, but your family and those you care about. And this is because when you kick the bucket, and you do so without a will, your assets will be shared based on the intestate laws of Buffalo, NY.
Who is an Estate Planning Lawyer?
An estate planning lawyer is a state licensed professional whose job is to help and guide you in selecting the best options for maintaining your estate after death or in the case of incapacitation. A competent estate planning lawyer will want to fully understand your estate planning goals and suggest ways to achieve them. . It is also the job of this professional to provide you with valuable advice regarding your estate plan. If your choices aren’t right an estate planning attorney will make you understand the consequences attached to the choices.
What is a will?
A will is one of the most important documents in estate planning. An estate plan without a will is incomplete! For an estate plan to be deemed an estate plan, there has to be a will, at least.
A will is a document that contains the wishes of the estate owner. This document usually contains the names of all estate beneficiaries, the deceased assets, the name of the estate executor, including other important information regarding the estate of the deceased. After the death of the estate owner, the estate executor is to submit the will to the probate court to begin the probate process.
In the event that the deceased failed to draft a will, the estate of the deceased will be shared based on the intestate laws of Buffalo, NY. If you need to draft your will, don’t hesitate to contact an estate planning lawyer Long Island.
Importance of a will
A will is widely regarded as one of the most important estate planning documents. Without a will, the court wouldn’t know how to share your assets. In that case, your assets will be shared based on the intestate laws of Buffalo, NY.
These days, creating a will is not difficult. With the aid of an online tool, you can easily draft a will. However, I wouldn’t advice that you draft a will using these tools especially if your estate is quite complicated. Rather, contact a competent estate planning lawyer Buffalo, NY.
A competent estate planning attorney will help you plan your estate exactly the way you want it. And if you need advice, this professional would provide you with the advice you need to create an estate plan that would make you sleep well at night.