Before we delve into what an estate plan is, why don’t we begin by defining an estate?
An estate comprises of all the own when you eventually leave this world. Your estate includes
- Securities like stock
- Your bank accounts
- Personal things such as cars, sculptures, artifacts, etc.
- Real estate
You need to have an estate plan if you want your assets to be managed and distributed based on your wish after your demise. An estate plan can also cater for your health needs should you become incapacitated along the way.
When you kick the bucket, your assets won’t follow you to the grave; they’ll need new owner, possibly your family and loved ones. Estate planning can help guarantee the financial security of your family and love ones. With this plan you can easily designate a guardian for your little children should anything happen to either parent.
Estate planning is quite broad, probably broader than you ever imagined. It is far more than writing a will that states the beneficiaries of an estate including the portion each beneficiaries are to inherit. An estate plan encompasses several plans that are all aimed at ensuring a smooth transfer of your assets to the designated beneficiaries, relieving your family and loved one from unnecessary tax, etc.
If you die without an estate plan, you will be putting your family and everyone you care about in disarray. There will be lawsuits and misunderstandings that might tear the family apart. Also, since you failed to create an estate plan which usually contains instructions regarding ones estate, the government will have no choice but to step in. Your assets will be shared and managed based on the intestate law of New York.
What is a will?
This is a very significant aspect of an estate plan. A will contains ones wishes regarding his or her estate. It also contains other important information such as the names of the estate beneficiaries, the name of the estate executor, the assets the estate owner owns, how the estate owner wish to be buried, etc.
How can an estate plan be of assistance?
Most Americans are yet to fully understand the importance of an estate plan. An estate plan should be very important to you if you value your future and the future of those you care about, especially your children. Aside from being used to transfer and preserve family wealth, estate planning can be of great help to you should you become incapacitated.
An estate plan can help with a variety of arrangements that can come in handy after death or incapacitation. This plan can:
- Help in indicating those individual you wish to inherit a portion of your estate.
- Can ensure that your properties are passed down to the designated beneficiaries as quickly as possible with less legal complications.
- Can lessen the amount of taxes that is needed for the smooth transfer of your assets to the designated beneficiaries after your demise
- Can help you avoid the stressful, expensive and time-consuming probate process.
- Help you arrange for how you wish to be cared for when you aren’t capable of making decisions yourself
- Can help you make your funeral arrangement. If you wish to be cremated after your death, you can state it in your estate plan. Or if there is particular place you wish to be buried after your death, you can as well state it in your estate plan, or you will-to be precise.
Estate Planning Lawyer
When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state.
If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best estate planning attorney.