Estate Planning Explained

Estate Planning explained

The cars, house, business, and other assets you own wouldn’t be distributed according to your wish without a will. A will which is a significant component of estate planning holds information regarding how you want your estate to be distributed. In other words, a will carries your wish concerning your assets. Thus, if you didn’t draft a will while alive, there would be no way to determine how you want your assets to be shared or managed.

Estate planning is a very important plan. The benefits of an estate plan are often glaring after ones death or during one’s incapacitation.

Benefits of An Estate Plan during Incapacitation

Accidents may occur that could lead to your incapacitation. Or you could become incapacitated as a result of old age. Whichever the case may be, during your state of incapacitation, you will need someone to make those crucial healthcare, legal, or financial decisions on your behalf. An estate plan, or a power of attorney, to be precise, is the document you need to ensure that whoever decisions that are made during your incapacitation, are made in your best interest.

A power of attorney is a legal document that allows you to select an individual (legal agent) who would make important legal or financial decisions on your behalf should you become unable to make them yourself. A healthcare power of attorney, on the other hand, is another important estate planning document that allows you to designate an individual who will help you make crucial healthcare decisions on your behalf.

What happens when you don’t have a power of attorney or a healthcare power of attorney?

If you planned your estate the old fashioned way, there is a huge possibility that you or whoever helped you create your estate plan didn’t draft a power of attorney or a healthcare power of attorney. If you failed to create a healthcare power of attorney or a power of attorney, the court will step in. That is, the court will appoint an individual to make those important healthcare, legal, or financial decisions on your behalf. Now, the problem here is, you may not like the individual who would be selected by the court. For this reason, it is very important that you create these documents alongside your estate plan.

What happens if you don’t have a will?

If you don’t have a will, it means you didn’t plan your estate. It is slightly possible to say you planned your estate by drafting a will. However, it is impossible to say you planned your estate by not drafting a will, which is one of the most important estate planning documents. So what happens if you don’t have a will?

First off, if you die without a will, you would be regarded as one who died intestate. When that happens, your assets would be shared based on the intestate law of Long Island or the state you reside in. The whole process is usually time-consuming and can put your family and loved ones in a very difficult situation. So, ensure you contact an estate planning attorney Long Island and plan your estate.

Must I Hire an Estate Planning Attorney When Planning My estate?

While there are a lot of online estate planning tools out there, it is important that you hire the services of an estate planning attorney, especially if you have a large estate. Online estate planning templates aren’t designed to handle large and complicated estates, they are only designed to handle those generic estates that doesn’t require much planning or estate planning document.

Hiring an estate planning attorney comes with several benefits. This professional can handle any type of estate. An estate planning attorney is very experienced and conversant with the estate planning laws of your state. Thus, he can help in ensuring that your estate is planned according to the laid down laws of your state. In addition, an estate planning attorney can provide you with valuable advice and recommendations where needed.

 If your estate eventually enters probate, your designated estate executor, including the beneficiaries of your estate will need the assistance of an estate planning attorney.

Contact an estate planning attorney Long Island, now!

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