A will is an important component of estate plan. More importantly, estate planning is more than drafting a will. It involves several other things aside from a will. A good estate plan is one that makes provisions for uncertain events like incapacitation, family misunderstanding, etc. You should consider creating a unique type of estate plan if your home is jointly owned. Documents like last will and testament, revocable living trust, beneficiary designations, durable power of lawyer, health care power of lawyer and living will, letter of intent, etc., are required to make a comprehensive estate plan
Here are common three major estate planning mistakes
Planning all by yourself.
It is wrong to believe you can always handle estate planning all by yourself, especially when you have little or no knowledge of estate laws applicable in this city. To ensure you get everything right, kindly contact and hire an experienced estate planning attorney.
Exempting estate taxes plans.
The estate tax exemption amount for New York is $5.85 million. If your estate exceeds this value, a value up to 16% will go to the state as tax before your beneficiaries can inherit the rest. This is a huge amount, money better off given to your loved one. Not planning for tax means you will not be getting the most of your estate. Estate planning lawyers in Buffalo are proficient in tax planning, and through certain legal strategies, can help you get the most out of your estate.
Estate plan with less consideration for family
In as much as you want to provide for your family through estate planning, it is possible that you do not give them sufficient consideration. Look at it this way. You may have a lot of money and so giving this, or that amount to John or Doe will not be difficult for you. But while doing this, you may forget to consider who deserves what asset most and who deserves more funds. You may end up giving too many funds to the wrong person who may likely lose it—such as a gambler or problem child—while leaving fewer funds to someone that needs more.
Estate planning documents to include in your estate plan
Wills are a basic yet very powerful estate planning document. With a will, you can leave assets to whomever you wish to benefit from your estate. To draft an effective will, we consider all your assets, including those you own outside New York and those best left outside a will.
- Power of attorney
This document is used to authorize a trusted agent to make financial decisions on your behalf during incapacity. This agent, known as your attorney-in-fact, will step into your shoes to manage your estate, bound by law to always act in your best interest.
- Healthcare proxy
A healthcare proxy, just like the power of attorney, allows you to appoint an individual to make medical decisions on your behalf when you can no longer make them yourself. It is also known as medical power of attorney. It prevents your family from arguing about the kind of healthcare you would have wanted since you have authorized only one person to make decisions for you.
- Living Trust
A living trust is a very powerful document by which you can avoid probate. Assets held therein will pass to your named beneficiary without any court involvement, and the transfer is immediate; no time wastage, no court expenses. We can combine a trust and a will depending on the nature of your estate for the best benefits.
An estate planning lawyer can draft an estate plan that makes everything easy for your family; no probate, no huge estate taxes or anything that can cause complications for them. We all hold our family at high esteem. In fact, one major reason why people create an estate plan very early is because of their family. You see, to create an estate plan that can protect your family, you need to hire a competent estate planning lawyer.
Estate planning can be complicated; it is not one of those basic DIY tasks. If you fail to make a good estate plan, you may be risking the future of your family as well as properties. You need to hire an estate planning Lawyer Manhasset New York for your estate planning projects.
Do you need help from an estate planning lawyer Manhasset, New York? Call us
To have assurance that what you want will be done when disaster strikes, start planning now. Contact us today for professional assistance from an estate planning lawyer Manhasset, New York.