Before you undertake a task, let say apply for a visa, you’ll conduct a little research, right? The same goes for an estate plan. Before you go ahead with your estate plan, it is wise that you understand what an estate plan is and the processes involved.
Estate Planning Explained
Estate planning is definitely not as exciting as planning for a vacation in Bahamas or a picnic on one of those serene and beautiful landscapes. However, even if it is not cable of providing you with the instant gratification you s much desire, this lone plan can help secure your future and the future of those you care about.
Estate planning in a nutshell, is all about making preparations for the transfer of your assets after your death. It consist of plans designed to ensure that you have a say on who inherits your assets. This plan can also be beneficial in the event that you become incapacitated, seriously ill, or unable to communicate.
Estate Planning Process
The estate planning process consists of three steps and they are:
First Step: The first step in the estate planning process is to identify your assets. These assets includes the assets you own and those in a superannuation fund, jointly owned assets, assets owned by trusts or companies, etc.
Second Step: The second step in the estate planning process is the identification of likely risks you wish to prevent, such as incapacitation, the possibility of a beneficiary becoming bankrupt or getting a divorce, etc.
Third Step: The last step in this process involves the creation and the implementation of plans and strictures that contains your entire assets and considers flexibility to include potential alterations, risk reduction, tax reduction, including success problems.
It is very safe to say that this last process is the most challenging of all. To ensure you have no problem when executing the last step, ensure you contact your financial planning, accounting, and legal advisers.
Though a will is a very common estate planning element, there are still other important documents that are as important as a will. A will covers just estate assets owned in your name like your properties, shares, bank accounts, etc. A will doesn’t cover non-estate assets like superannuation (if a beneficiary is not selected to the estate) assets in an inter vivos trust or insurance policies.
If your desire is to make a good estate plan, contact an estate planning lawyer 14263, Buffalo, New York and you’ll get an estate plan that gives you absolute peace of mind.
Estate Planning Lawyer 14263, Buffalo, New York.
Creating the best estate plan, with all the necessary documents in place, is the best gift anyone can give his or her family and loved ones. After the death of an estate owner, the whole family is thrown into mourning. Things get worse gradually if the deceased was the breadwinner. However with a good estate plan, the funeral arrangements, the family of the deceased and his or her loved ones, will be well catered to. This is only possible with a good estate plan and you need to help of an estate planning lawyer to create such an estate plan for you. Who is an estate planning lawyer? You may ask.
An estate planning lawyer is a state licensed person who is an expert in estate planning. This professional can help you plan an estate and prepare the necessary documents related to estate planning. You’ll need the help of an estate planning when planning your estate because:
This professional can help you create an estate plan that mirrors you intentions regarding your assets and your loved ones
- This professional has the experience needed to create a good estate plan
- They are conversant with the estate planning laws of your state
- They can help you plan an estate that avoids the difficult probate process
- They can offer you valuable advice when making those crucial estate planning decisions
- They can make the estate planning process easy and quick.
Contact us if you are in need of an estate planning lawyer who can help you create an estate plan that secures your future and the future of those you care about.
