You can never go wrong when planning your estate with an estate planning New York lawyers. Consider the following; have you considered planning your estate yet? Do you know the appropriate estate documents required? Have you estimated your assets and know its value? These questions can be answered once you understand estate planning and plan with an estate lawyer.
Estate planning is a way of protecting yourself, your interest, assets etc. and ensuring your family, loved ones get covered and also protect. Estate planning is presumably one of the most urgent you should attend to no matter your financial or medical situation.
The process of estate plans starts from valuing your properties and estate. To do this, you need to establish the value of your assets like homes or any other property, money and savings, shares and investments as well as any of your other possessions. Liabilities and debt should be however deducted to obtain the overall value of your estate.
How estate planning help you protect your estate and finances
Estate planning is a process of making many important decisions and plans over your future and that of your loved ones. Estate plans, concerns what happen to your assets, finances both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
Through a number of documents, you can save your finances and prevent them from been ruin. Although it is advised you consult Estate planning New York Lawyers to help you with the appropriate document inclusion.
Will and Testament
Will and Testament: this is one of the ways you protect your finances and assets and ensure they get to your loved ones or desired beneficiary. A will contains a detailed list of instructions as to how your asset or finances should be shared after you die.
Estate plans prevents probate
Probate is a judicial process whereby a will is proved in the law court to ascertain whether it is valid and true. Probate processes and long and disturbing. During probate periods:
- The assets of the deceased meant for the beneficiary is with-held.
- The probate processes takes month to be completed, during which the assets are held by the courts.
- Probate makes the statements of the will public. Having only a Will as an estate plan document would make statement of the will come to public knowledge.
Planning your estate would ensure that you avoid probate. Through revocable living trust, probate can be avoided. Revocable living trust is a written agreement which covers three phases of one’s life; while you are alive and well, when you become mentally incapacitated and lastly after you die.
A revocable living trust doesn’t require probate because the assets has been placed into the trust before the death of the trust maker. Signing the trust agreement by itself is not enough to avoid the probate of property, but instead transferring the assets into the trust and title them in the name of your trust. Once the assets has been transferred into the trust they will not be considered part of your estate and will not be subject to probate. This is called funding the trust.
Other documents are:
Advance medical Directives
Advance medical Directives – this is also known as medical or health care power of attorney. It is a legal document that expresses a person’s health care preferences for events where you are unable to make such decisions. A living will or advance medical directive document may be filed in court to should it be someone needs to be your guardian or conservator.
Durable power of attorney
Durable power of attorney – also known as a financial power of attorney grants a person of your choice power to make key financial decisions for you when you are unable to do so.
Contact our list of estate planning New York Lawyers today.