Estate planning, no doubt, is one of the most underrated plans on earth. Even as this plan is quite important, there are a lot of people out there who are yet to plan their estate. Of course, these people may have a few reasons why they haven’t taken the bold step yet. In fact, some of these reasons are based on fallacies like the fallacy that estate planning is only for the rich, and the likes.
Without an estate plan, your assets wouldn’t be managed and distributed based on your wish. The car you own including those luxury mansions will be shared in a way you don’t approve. So the best way to stop this from happening is by planning your estate.
The Significance of Estate Planning
Several individuals believe that having an estate plan is all about creating a will or a trust. But, there is more to include in your estate planning to ensure that all your assets are well managed and distributed effortlessly to your heirs after your demise.
A successful estate plan also comes with provisions allowing your loved ones to access or manage your assets should you become incapacitated.
The Important Estate Planning Documents
Below is a list of items every estate plan should include:
- Will
- Trust
- Durable power of attorney
- Healthcare power of attorney
- Guardianship designations
- Letter of intent
What happens if you die without a will?
If you die without a will, your properties (bank accounts, securities, real estate, including other assets you own) will be shared based on the intestate law of Brooklyn or whatever state you reside in. Real estate owned in another state will be handled under the intestacy laws of the state where the property is situated.
The law of intestate succession vary significantly depending on whether you were single or married, or had children. In most instances, your assets is shared to your heirs. Your heirs could include your surviving spouse, parents, siblings, aunts including uncles, nieces, nephews, including distance relatives. Generally, when no relatives can be found, the whole estate goes to the state.
How do you plan your estate?
Of course, you can decide to plan your estate yourself with the help of one of the numerous estate planning tools on the internet. However, the truth is that, those tools aren’t effective in planning all estate. Thus, if you want to plan your estate appropriately, it is very important that you seek the help of an estate planning lawyer, Brooklyn.
An estate planning lawyer can help you plan all types of estates, regardless of its size, location, or the circumstances surrounding the estate.
Estate Planning Attorney Brooklyn
If you want to plan your estate, you can always count on the services of an estate planning attorney, Brooklyn. An estate planning attorney Brooklyn can help you plan your estate the way you want it. As a professional, an estate planning attorney is cable of providing you with valuable advice regarding your estate planning decisions.
Qualities of an Estate Planning Attorney
The estate planning attorney you hire to plan your estate will determine the success of your estate plan. If you hire a terrible estate planning attorney, you will surely get a terrible estate plan. However, if you hire a competent estate planning attorney, there is no way you wouldn’t get a quality estate plan. It is quite simple.
To ensure that you hire the right estate planning attorney, I have provided you with some qualities to look out for when hiring an estate planning attorney.
When hiring an estate planning attorney, ensure you look for one who
- Devotes their practice to estate planning
- Makes you feel comfortable sharing intimate information of your life and concerns, so your estate plan is in line with your expectation and needs.
- Is well-versed in and current with the laws of your state. If not, your estate plan could be deemed invalid by the court and when such happens, your assets will be shared and managed based on the intestate law of your state.
Don’t hesitate to contact an estate planning attorney, Brooklyn, if you need help in planning your estate.