Estate planning is a very common term. Thus, there is a huge possibility that you aren’t hearing the word for the first time. Creating an estate plan should be the aim of all estate owners regardless of how small their estate is. Contrary to the fallacies flying around, estate planning is not for the rich alone; it is for everyone!
As an estate owner, it is very important that you plan your estate while alive. Remember, no one can predict the future. Thus, you would be doing your family a lot of good if you plan your estate in time.
A well planned estate; that is, one that has all the essential estate planning documents in place, has several benefits. It can cater for your loved ones after your demise. It can cater to you when you become incapacitated or old. It can also cater to your minor children in the event that you and your spouse are no more. Indeed, estate planning is one of the most important plans you’ll make while alive.
What is this plan anyway? What is really an estate plan all about?
Estate Planning Explained
When you die, those assets you left behind will need new owners. The cars, houses, your businesses, etc., will need to be put into someone else’s care. With a will, which is an important component of an estate plan, you can designate beneficiaries for each of the assets you own. This means that, if you want your eldest son to inherit your business, an estate plan can help you do that. Or if you want one of your houses to be given to charity, you can put that desire in your will and it would be granted.
Without much ado, let us take a look at what estate planning is.
What is Estate Planning?
Estate planning has a lot of definition. You see, if you understand the concept behind estate planning, you would be able to create a definition yourself. Estate planning in simple terms is a plan done to ensure that one’s assets is well managed and distributed after death. An estate plan can also ensure that you are well taken care of should you become incapacitated
How does an Estate Plan Works?
An estate plan is usually made with the help of an estate planning attorney. Once you discuss your wishes with this attorney, he will assist you in creating an estate plan that mirrors your wishes.
An estate plan comes with several legal documents. These documents which includes a will, a trust, power of attorney, health care power of attorney, etc., are all component of estate planning designed to ensure that the estate owner including hos loved ones are well catered to either after his death or incapacitation.
A will is regarded as one of the most important component of an estate plan. This legal document contains the wishes of the estate owner including other important details regarding the estate. Some of the information or details a will contains are:
- The name of the estate beneficiaries
- The assets to be distributed to each beneficiary
- The name of the estate executor
- Burial plans of the estate owner
After the death of the estate owner, it is the job of the estate executor to present the will to the probate court. It is the duty of the probate court to determine if the will is valid. A will can be invalid for several reasons. Thus, it is important that you consult with an estate planning attorney near Brooklyn when planning your estate.
If an estate owner dies without a will, his estate will be managed and distributed based on the intestate laws of Brooklyn. The probate court will go ahead and select a representative, who is most time the deceased’s spouse. It is very important that you plan your estate so that you can outline the beneficiaries of your estate including other important details regarding your estate.
Who is an Estate Planning Attorney?
An estate planning attorney is a state certified lawyer. It is the duty of an estate planning attorney to offer you help, advice and recommendations when planning your estate. These professionals are experts in the field of estate planning. Moreover, they are experienced in matters regarding estate planning. So, don’t hesitate to contact an estate planning attorney near Brooklyn to plan your estate.
