Estate plans can only be achieved and implemented with only the appropriate documents with proper inclusions. It is quite easy to sit alone and make this plans, however, any wrong details, or documentation may result to loss of assets, properties, investments, retirement benefits, and even more annoying and draining probate process.
Estate planning documents in which you need to have documented while you are still alive and well includes, wills, living trust, advance medical directives and durable power of attorney. These documents all serve different functions, although, all have a common interest of protecting you, loved ones as well as your assets. No matter what financial or medical situation you are, you should prepare to start making your estate plans. Planning now for the future with an estate attorney would never be regretted. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles.
Major estate planning Documents you should prepare
Last will and testament
Last will and testament is a will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children. An effective last will and testament do not only grant protection for your assets, but also organizes your personal and estate affairs and gives your family financial security after you’re gone. The estate lawyer will help you draft an effective will and testament which touches salient issues as:
- Naming an executor which will ensure that the dictates of your will are effectively carried out.
- Guardianship for minors as well as the incapacitated.
- Specifying how you want your estate to be distributed.
- Naming those who you want to benefit from your estate.
- Specifying the date for distribution of your assets and what happens to the assets.
However, Will goes through, a probate process in court to be fully implemented. This is one of the reasons why you need to get other additional estate documents. Probate can be long and tough, the courts decides the authenticity of the will, and decide whether to uphold the statements in the will. A living trust can help you avoid probate.
Living Trust is one of the most useful document you should possess in your estate plans. It forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable. Although, trusts may not seem too mandatory but there are certain estate planning issues that cannot be resolved without having one. Example is the probate process and excessive taxes on estate. Through living trust, you can avoid these issues. You should consider having a trust. Contact an estate planning attorney Brooklyn.
Trust are in two major forms and as such may require knowing the right documents and the legal procedures to filing this documents. Examples of various trust are the irrevocable living trust and revocable living trust.
A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after his death. An irrevocable trust however, ensures that transfer of assets remains permanent and it is done while the trust maker is still alive. An estate attorney can provide the guide to the type of trust that would be ideal for you.
Power of attorney
There are two types of power of attorney. One is the medical power of attorney, or advance medical directives, the other is a durable or financial power of attorney. You can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable. Advance medical directives also allows you designate a trustee to make medical decisions for you when you are unable to do so.
It is important to make your estate plans, and ensure you have the proper documents. The process of planning however could be less stressful and complicated, if you plan with the help of an estate planning attorney. Contact one today.