Talking about the future, there is so much uncertainty that one never truly knows what lies ahead. But strategic planning can help you prepare for inevitable situations while also avoiding the avoidable unpleasant ones. It is true that everyone will someday die leaving their loved ones and all they have worked for. It is also true that luckily, one would live to a ripe old age. And that’s a very good thing. But then, what happens when you become so aged that you can’t handle your own affairs anymore? What happens to your businesses? Who caters for your personal and fiscal affairs, and handles decision-making for you? And how sure are you that when you pass away, your hard-earned wealth will go to those who truly matter to you? All these you can ascertain true strategic estate planning.
Probate is simply done to know if a will was really written by the estate owner or otherwise. This process is also done to supervise the administration of a will.
Probate lawyers are the right person or professionals to contact when faced with a probate case. Probate attorneys have the skills and experience to help you handle that probate issue of yours. If you reside in New York City, ensure you go for a probate attorney that is well accustomed to the probate laws of the state.
Reason for Estate Planning
Estate planning will benefit individuals with large estates, including persons with huge or considerable assets. Preparing an estate plan will ensure that all assets or properties will be distributed based on the wishes of the decedent, and the beneficiaries of the estate get their share without any delay whatsoever.
In a very specific way, preparing an estate makes it very possible to pinpoint those individuals who you wish to benefit from your estate, and to what degree. Also, estate planning makes sure that the estate won’t be ruined by taxes subjected to the moved assets upon death. Aside from offering personal security, estate planning also helps people to make significant choices, like selecting a guardian for little children, appointing healthcare preferences, including making funeral plans.
Estate planning documents.
An estate plan is prepared in a way that it should attain the specific goals of the estate owner. Several tools can be used to make sure that the deceased assets are properly shared based on the wish of the decedent.
The simple tools utilized in estate planning are stated below. But, estate plans vary, and they often depend on the size of the estate, the number of beneficiaries, including the aim of the distribution.
- The Will:
Here is the most common tool or instrument of estate planning. Stated in a will are the persons or individuals who would inherit a specific property. Also, wills contain the name of the guardian for minor children, or a will can indicate the type of funeral arrangement that should be carried out upon the death of the estate owner. If an individual kicks the bucket without preparing a will, or if the individual dies “interstate,” state law will have control regarding how the assets or estate of the decedent will be shared. The court will select an administrator whose duty will be to supervise the estate of the deceased while the probate process is on.
- The Trust
A trust is simply an arrangement in which a trustee shares payments or property to a beneficiary based on the terms of the trust. The beneficiary can be anyone ranging from a close family relative, a friend, a charity, or even a pet. A trust may be made while the individual is still living, or it can be made alternatively- by a will.
A trust which is made by will transfers property to the trustee at the period the individual kicks the bucket. With a trust, you are helping the beneficiaries avoid the probate process.
- Health Care Directives
With the right health care directives, the wish of an individual will be carried out when he or she is not able to make their personal health care decisions. Health care directives can be health care declaration and a power of lawyer for health care.
Health care directives can also be regarded as “living wills.” Living wills or health care directives will help activate the personal choices of an individual when he or she becomes incapacitated.
Contact our best probate attorney near you today.