Estate planning explained
The plans made in anticipation of one’s death can be regarded as an estate plan. Such plans usually cover the distribution and management of ones assets upon death or incapacitation. Because life is unpredictable, it is best you plan your estate in time. Don’t wait till you start seeing those white hair before you make that plan. Death can come anytime, incapacitation as well. So plan your estate now so you don’t regret later.
Why do you need to plan your estate?
How would you feel if someone else were to decide how your estate is to be shared and managed? You will definitely feel bad because this is something that should be done by you. Who dares presides over an estate they didn’t work for? This is one of the many unpleasant things that will happen should you refuse to plan your estate.
If you fail to plan your estate while alive and you suddenly kick the bucket, the government will take control of the transfer and management of your estate. When the distribution starts, your spouse may not even get the portion he or she deserves. If peradventure the parents of a little child dies without an estate plan, the court will have to select a guardian for it. A guardian is an individual tasked with catering for a ward. The ward could be a minor, a person with developmental disability, or an incapacitated individual.
Also, if you die without an estate plan, those you left behind will go through a lot to obtain a portion of what they believe they deserve. No doubt, there will be lots of lawsuits, damaged relationships, etc. So ensure you don’t hesitate to plan your estate. You can contact an estate planning attorney near 11231 to get started.
Qualities of a good estate planning Attorney
When hiring an estate planning attorney, ensure you go for the best, one that can defend your interest and that of your estate beneficiaries after your demise. Below are some things you should look out for in an estate planning attorney in New York.
Must be qualified for the job
Not all attorneys can help in preparing an estate plan. Some attorneys specialize in handling divorce, personal injury and civil cases. If you want to plan a topnotch estate plan, you need to hire the best. Ensure that whoever you are hiring is an experienced estate planning attorney.
Should be able to carry out an extensive array of tasks
Estate planning involves panoply of topics, these topics range from trust administration to probate. A competent estate planning attorney should be able to plan an estate that avoids probate by creating trusts for loved ones. He or she must be able to help in reducing estate taxes, make plans for disability, and help in creating a will that mirrors your intentions for your estate.
Charges a fixed price for his or her services
You should hire an estate planning attorney that charges you a fixed price for all of his or her services. A flat upfront fee will make sure that there isn’t an unexpected fees since you are aware of the exact cost of the rendered services.
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.