This is your total net worth after your death. It includes your assets which comprise of your houses, cars, stocks, insurance, etc. Upon your demise, your assets will need new owners. The transfer of ownership can’t be done if you didn’t plan your estate. Even if you did, it will still have to undergo probate.
What does it mean to plan an estate?
It is very important that everyone plans their estate-that is, planning to ensure that your wishes are adhered to upon your death, your family and loved ones aren’t caught up with any complications, delay, or unnecessary expenses. With an estate plan, you can dictate how you want your assets to be shared, who you want to receive a certain portion of your estate, etc.
Preventing probate after your death
Probate is a very complex process, it can take a lot of time and money. If you care about your family and loved ones, you will channel all your effort into ensuring that they don’t experience this tedious process. One way to easily escape probate is by taking out time to plan your estate; trust me, the process isn’t as hard as it seems.
When someone dies without an estate plan, the assets of the individual can’t be transferred without the court knowledge and due process. The estate of the decedent will have to undergo probate before the assets can be transferred to the right beneficiaries. So if you refuse to plan your estate, those you leave behind will have to face the probate process which could end up stalling their inheritance.
Who require estate planning and why?
Some ignorant people believe that estate planning is just for the rich, while others believe that only old people plan their estate. The truth is that, estate planning is for everyone. It doesn’t matter if your estate is of high value or not. You need to plan your estate, even if you have no beneficiaries to consider. Of course, if you have family and loved ones, you will want to ensure that their financial security is guaranteed even after your death.
Estate planning is far more than drafting a will, or making plans that involves the distribution of one’s assets. To properly plan your estate, it is crucial that you create detailed instructions and select an individual who is capable of making certain important decisions on your behalf should you become incapacitated.
Writing a will
As long as estate administration is involved, a will remains a significant document. This document holds information regarding how one’s property is to be distributed, how one is to be buried, the beneficiaries of one’s estate, one’s assets, etc.
In a will, the estate owner designates an individual who is to ensure that the stated wishes of the estate owner is fulfilled. A will also states if a trust should be opened after death. A trust can either go into effect when the estate owner is alive or after his or her death; this decisions depends in the intentions of the estate owner.
Before a will is accepted, it would have to go through probate. The probate process is done to ensure that the will was written by the actual owner, by his or her freewill and not while under duress. This process will have to be completed before the assets of the deceased can be distributed. While the process is on, it is the duty of the estate administrator to manage the deceased’s assets.
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.