Importance of estate planning

Importance of estate planning

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Estate planning boast of several importance. An estate plan can protect your loved ones it can also guarantee the financial security of those you care about. Planning an estate is not as hard as it seems. If it looks very difficult to you, why don’t you contact an estate planning attorney near 11217, New York?

Here are some reasons why you should consider planning your estate.

With an estate plan you can select who inherits your assets

As I mentioned earlier, when you die, your assets don’t automatically go to your sibling, mother, father, next of kin or spouse. Your assets will be managed and distributed based on what is written in your will and how you planned your estate.

The best way to ensure that certain people inherit your assets is to plan your estate. If you want your sister to inherit the houses you own in New York, you will have to state it in your will. Whatever is stated in your will is what the court will obey. Without an estate plan you have no say regarding who will manage or inherit certain portions of your assets. This decision will be made by the government of New York according to the intestate laws of the state.

Prevent family scuffle

Families fighting over the assets of a deceased is a very common occurrence. It happens more than you can imagine. Trust me, the results of these scuffle isn’t always pleasant. The best way to prevent this is by planning your estate. An estate plan will make clear your intentions regarding your estate.

It helps protect young children

It is nobody’s dream to die untimely, but if you have a little child, it is advisable that you plan for the unthinkable. Here is where you will see one of the importance of creating a will.

To makes sure that those little children of yours are well cater for after your demise, you will have to name a guardian for them in your will should both parents die before they become adults. It is the job of this individual to see to the needs of your children until they are old enough to make decisions for themselves. Without a will, the court will have to make this decision. It will select an individual who will be the guardian of you children till they get to the age of 18.

Helps prevent probate

Probate is the process of determining the authenticity of a will. This process, is not as easy as it may seem which is why a competent estate planning attorney will advise that you plan an estate that avoids this process. The process can be complicated, expensive, stressful, and time-consuming. One way to escape this process is by creating a trust account for your loved ones and this can be done via estate planning. If you don’t plan your estate, it will certainly undergo probate and your loved ones will have to wait till it’s over before they inherit a portion of your assets.

Estate planning Attorney

Due to the nature of an estate plan, and how complicated it can be, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.

Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner, an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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