Estate planning is very common. Each day, people hire attorneys to help them with the estate planning process. As common and important as this process is, some people still fail to plan their estate.
Estate planning is done to ensure that all regarding one’s estate are sorted out after death. Is it the transfer of your assets? The payment of your due taxes or debts? With an estate plan, you can clearly state how you want your estate to be managed and distributed upon your death. In addition, an estate plan can also be of help in the event of your incapacitation.
Remember, if you refuse to plan your estate, the New York government will plan it for you. And trust me, it is a plan you wouldn’t like. Let’s take a look at those important components of an estate plan.
Testament and Last Will
We are very conversant with what a will is. However, many people don’t really know what a testament is. A will and a testaments are two important elements in the estate planning process. These legal documents holds important information regarding the distribution of your estate.
In a will you are to state
- Your estate beneficiaries
- The name of your estate executor
- How you wish to be buried
- And other important information
- Your properties
- Properties allocated to each heir
After your demise, your estate won’t automatically go to the designated beneficiaries. It is not done that way in the US. First off, your will undergoes the probate process. Whoever is in possession of your will at the time of your death will have to tender it to your estate executor. It is the job of this individual to take the will to court where it will undergo probate. Probate is usually done to determine the authenticity of a will.
Healthcare power of Attorney and living will
Here is another important element in estate planning. This document carries the name of the individual who you want to make healthcare decisions on your behalf.
On the other hand, a living will states your wishes concerning health care if at some point you become incapacitated, become seriously sick, suffer from Alzheimer, or find it hard to speak.
It is very important that you compose this documents when drafting your will. Contact an estate planning attorney near me 11206 for better clarification.
A trust is very important when it comes to estate planning. It passes the temporary ownership of your assets to a trustee with the option of transferring such ownership to a child or beneficiary later in the future.
A competent attorney will advise you to create a trust because it saves you beneficiaries from the probate process. This process, as you probably know, can be quiet stressful expensive and lengthy. A trust can also be useful when you are alive. The trustee will be the one to own and control your assets. However, you can revoke the ownership whenever you want to. So don’t be scared.
Contact an estate planning attorney near me 11206, to know more about this topic.
Estate planning Attorney New York
Don’t let anyone try to convince you that you can create a perfect estate plan yourself without the assistance of a professional. It is just like flying a plane without the help of a pilot, or fixing your car engine without the help of an experienced mechanic.
The goal of an estate plan is to reflect the aims of the estate owner regarding his or her assets. Once your estate plan fails to do this either because of an error or any reason, then you don’t have an estate plan, but something else entirely.
An estate planning attorney has all the experience and resources required to create an estate plan that is in line with your desire. If you advice, an estate planning attorney can provide you with one. Contact an estate planning attorney New York, now.