If you were told that you’ll die the following day, how will you react? What plans will you put in place knowing fully well that you can’t take your assets with you? The plans you will make concerning your estate is known as an estate plan. This plan usually revolves around the distribution of your assets, how it is to be managed, how your unpaid debts and due taxes are to be settled, and other important plans that would make things less complicated for your family and loved ones when you finally leave.
Failing to plan your estate while alive can hurt your family and loved ones when you die. It will make the transfer of your assets difficult, a family scuffle may ensue, there may be multiple lawsuits from individuals who feel they are entitled to a portion of your estate; in general everything could get messy. This is definitely something you wouldn’t want to happen if you were alive. So make the necessary plans before you kick the bucket.
Why is this plan important?
Individuals who fail to plan their estate don’t know of its importance, or are just very ignorant. Estate planning boast of several benefits; below are a few:
It helps prevent family scuffle
With an estate plan, your intentions regarding your estate is clear. Without an estate plan, misunderstanding may arise between family members. Misunderstanding about the rightful beneficiaries, estate executor, etc. Such misunderstanding may lead to damaged relationship, lawsuits, or even injuries (if a fight should erupt during argument).
The best way to ensure that none of the abovementioned happens is to plan your estate. It is not difficult. First you need to sit down and think of the estate plan, including how you want it to be implemented. You can either plan an estate yourself or contact an estate planning Attorney in New York.
It protects minors
With an estate plan you can designate a guardian for those little children of yours in the event of your death. The job of a guardian is to cater for the needs of the ward who can be an incapacitated individual or a little child. Without an estate plan, the court will have to choose a guardian for the child. You definitely won’t have a say on this matter.
Guardianship will stop as soon as the child becomes an adult. If you want your little kids to be brought up by someone of your choice, you will have to plan your estate.
It makes things easy for your loved ones
If you die without a will, your estate will have to undergo probate. This process can be difficult, lengthy, and expensive. Your loved ones will go through a lot to get a portion of your property. But if you die with an estate plan, especially one designed to avoid the probate process, the transfer of your assets will be done in a timely and smooth manner. You may also end up paying less in estate taxes. Contact an estate planning attorney near 11201 for advice or help.
Estate planning Attorney
Due to the nature of an estate plan, and how complicated it can be, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.
Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner, an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.