You shouldn’t be like the 35% American who wait till later to create estate plan. Estate planning would save you and your family lot of stress and struggle. If you don’t want to see your estate or other assets property in loss, exhausting probate issue or excess taxes on estate in Brooklyn, you should consider creating an estate document.
Avoid probate
Do you detest long and exhausting probate process; then you need a proper estate plan document. If you die without planning your estate or writing a will, you’ll be inadvertently putting your family and loved ones in a very difficult situation. Your estate will definitely undergo probate. Creating a revocable trust and transferring your assets in that trust is the best way to safeguard your asset from the difficult probate process. Estate planning is how you can get this done.
Probate is feared because it is time-consuming, complicated, and expensive. A probate process can take weeks, months, or even years depending on the circumstances surrounding the estate.
Protect estate and prevent court supervised guardianship.
You estate plan documents allows you name a beneficiary. Furthermore, you can decide what you want to achieve with your estate document. When you are incapacitated or temporarily disabled, a desired individual can be assigned to oversee how your business or finances is run. Court supervised guardianship in this case will be prevented because, your estate document would have clearly stated someone to step in the role of guardian or conservator as the case demands.
Reduce taxes on your estate and asset properties
Estate taxes can be quite expensive but you can pay less estate tax by simply planning your estate or more specifically, creating an AB trust as part of your wills or revocable living trusts. In addition, married couples and individuals can adopt some estate planning strategies to ensure that the inheritance tax bill and estate taxes are less troubling.
Protect Beneficiaries
With an estate plan in place, you can protect minor benefices. An estate plan can also protect adult beneficiaries from making terrible decisions, from creditor issues, outside influences, etc. If the beneficiary is a little child, all stated have laws require that a guardian be chosen to cater for the needs of the minor until it becomes an adult.
What could possibly happen over a lack of estate plan?
Without an estate plan, you have limited protection or say over your estate when you die. As such, your family might struggle to get anything off their inheritance. In addition, very complex family issues may arise. Family dispute, over the years, has torn several families apart. It has resulted in bad blood between two siblings, close relative, etc. With an estate plan, everyone is aware of your wish regarding your assets. Because the plan states who is to receive a certain portion of your assets, and the individual who is to execute the estate, there is always no need for misunderstanding as everything is clearly stated.
Bottom line.
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 Brooklyn estate planning attorney for your estate plan.
The nature of an estate plan, sometimes makes it complicated planning or creating estate document all by yourself, 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.
Contact an estate planning near you today.
When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state. If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best estate planning attorney.
Do you stay in Brooklyn? Contact an estate lawyer near you, today.