If you really care about your future, and the future of your loved ones, you’ll plan your estate without thinking twice. You see, a good estate plan is the best gift you can give your family and loved ones after your demise. An estate plan makes it very easy for your assets to be shared and managed after your death. In addition, should you become incapacitated, a health care power of attorney, which is a component of an estate plan, will ensure that your medical needs are met just as you want it.
Of course, you may believe in the fallacy that estate planning is not for folks like you. But, before you decide not to plan your estate simply because you don’t have a car or a house, it is important you understand that you don’t have to be super rich to plan your estate. Estate planning isn’t designed for the rich alone. In fact, anyone can go ahead and plan his or her estate regardless of the assets he or she owns.
Before we move further, let us 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 Long Island 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 Long Island.
Estate planning is very important
Estate planning is for everyone, both the rich and the poor, so you shouldn’t use that fallacy as a reason not to plan your estate. You see, failing to plan your estate will not only affect your loved ones, it can also affect you should you get incapacitated. Failing to plan your estate will give the state of Buffalo the right to share your assets on your behalf based on the intestate laws of the state.
Estate planning is a huge plan. In fact, it could take several days or even weeks to draft a good estate plan. An estate plan usually involves the preparation of a will or codicil, setting up trusts, bequeathing gifts to individuals or entities, and granting people the right to do certain acts by way of power of attorney.
Who is an Estate Planning Lawyer?
An estate planning lawyer who is also regarded as an estate law attorney or a probate attorney is an experienced and licensed law expert who has an in-depth understanding of the state and federal laws that affects how your estate will be shared, managed, and taxed after your death.
What is Probate?
Probate is a process that is carried out to determine the validity or authenticity of a will. This legal process, which can be very challenging, expensive, and lengthy, is also refers to the administration of a deceased will or the estate of an individual without a will.
After the death of an estate owner, the court chooses either an executor indicated in the will or an administrator (if there exist no will) to administer the probate process. The probate process involves obtaining the assets of a deceased individual to settle all outstanding debts remaining on the individual’s estate, and sharing the assets of the estate to the designated beneficiaries.
Who is a Probate Lawyer?
A probate lawyer is a lawyer who is versed in the probate process. This professional is will work with estate administrator or executor to ensure that all regarding the estate of the deceased is taken care of, exactly the way it should.