Why is an Estate Plan Important?

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Estate Planning Attorney NYC

An estate plan is very important because it helps facilitate the transfer of assets of an individual. Upon incapacity or death of an estate owner, facilities are activated and an estate plan helps safeguard the assets of the deceased till it is properly allocated to the designated beneficiaries as stated and intended by the estate wner.

In a bid to cut costs or ignorance to the importance, some individuals ignore the need to hire an estate planning attorney for their estate, rather, they engage template available on online sources. Whatever is worth doing at all is worth doing well, it is important that you treat the planning of your estate with utmost commitment. Hire a competent estate planning attorney and do not try to cut costs by buying will and trust kit from online sources.

In this article, we will be highlighting some of the benefits of hiring an estate planning attorney for your estate plan.

How can and Estate Planning attorney Help You?

An estate planning attrney helps in several stages of the estate planning process. Even after the event of incapacity or death, they continue to oversee the desires of the estate owner. Below are some of the benefits of hiring one.

  • With the assistance of an estate planning attorney you can create a will that mirrors your intentions .
  • With the help of an estate planning attorney, you can choose who will benefit from your estate.
  • An estate planning attorney can help you avoid paying huge estate taxes.
  • An estate planning attorney will help you create trust for your loved ones. A trust can help protect your estate from probate. It can also be beneficial should you become incapacitated.

The estate plannng attorney helps you prepare the following  documents;

  • Wills: wills are simply what an estate owner wants regarding the estate. As basic as t might seem, t s a very powerful estate plan document, which is the bedrock that holds the desires of an estate owner in the event of death or incapacitation. Ur firm’s estate planning attorney helps draft a comprehensive and detailed will, while considering all your assets in New Jersey and those that are better left out of the will.
  • Trust: a trust is quite similar to a will but its better and advisable. Using a will is quite stressful as t must undergo probate before whoever your bequest your estate to can inherit it. Trust n the other hand enables the estate beneficiary to receive allocation without going through the curt process f probate. The estate planning attorney simply transfers your assets into a living trust.
  • Power of attorney: Incapacitation might occur during life situations and it is advisable to have someone to fill n the vacuum and make decisions as you would and on your behalf. The power f attorney s a power and highly important document n estate planning as t allows you to appoint a competent individual of your choice to make decisions in your stead. Our estate planning attorney will ensure to include this in your estate plan.
  • Litigation: If probate ensues, cases may arise where a party conflict with another over assets, this usually leads to filing f lawsuits. Every party involved must be represented by an attorney n curt. Great representation will ensure your successful allocation of the estate.
  • Tax evaluation: A professional estate planning attorney knows how the state and federal taxes work on estates. in New Jersey, a portion f your estate known as estate tax, goes to the state government, if your estate value exceeds a certain amount at your death. To prevent these situations of heavy and unfair taxing, the estate planning attorney applies a legal estate planning strategy.

Bottom-line

Estate planning is a major life planning process. It is the process of deciding how your estate is managed, preserved and allocated in the event of incapacity or death. This is a process best carried out with the help of an estate planning attorney.

To make an estate plan that facilitates the transfer of your assets upon your death, you need the help of an estate planning attorney. An estate planning attorney can help you plan an estate that makes allocation less stressful, time and money consuming for your loved ones in the evnt of incapacity or death.

Contact us

Do you intend to embark on a smooth estate planning journey today? Talk to our experienced estate planning attorney in Buffalo, New York, and be sure to get quality and a hundred percent professional assistance.

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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