What is an estate plan?
The plans made in anticipation of one’s death can be regarded as an estate plan. Such plans usually cover the distribution and management of ones assets upon death or incapacitation. Because life is unpredictable, it is best you plan your estate in time. Don’t wait till you start seeing those white hair before you make that plan. Death can come anytime, incapacitation as well. So plan your estate now so you don’t regret later.
Why should I plan my estate?
Some people ask themselves this question. You have every reason to plan your estate and zero reason not to. An estate plan comes with lots of benefits, one that may not become glaring until after your death or incapacitation. An estate plan can help secure your properties, it can help transfer wealth to the desired individuals, it can also help guarantee the financial security of your loved ones.
Regardless of how important this plan is, many Americans still fail to plan their estate, probably due to ignorance or reasons best known to them. Failing to plan your estate may not cause you harm (giving the fact that you are dead) but it will definitely make life difficult for those you care about, especially your little children and spouse.
When you die, your assets don’t automatically go to your spouse or next of kin. It doesn’t work that way! Due process will have to be followed and the length or nature of the process depends on if you planned your estate or not. If you planned your estate, the process shouldn’t be stressful. Your assets will be distributed to the designated beneficiaries in no time and you will rest well knowing that all you worked for while alive are resting in the right hands. On the other hand, if you fail to plan your estate while alive and you die, your assets will be distributed based on the intestate laws of New York.
Estate Planning New York
Estate planning defers in each state in the U.S. The law governing an estate plan in Texas may be different from that in New York. The purpose of an estate plan is the same in New York, like it is in every other states in the US. In New York, you need some documents to plan your estate. These documents are:
A will
Present in this document are the names of your estate beneficiaries, the assets assigned to each individual, your estate executor, plans regarding your burial, a list of your assets, including other important information.
A living will
You shouldn’t mistake this for a will. This document is also regarded as a document directing health care. This document holds your dying wishes.
Health care proxy:
This document is crucial to the estate planning process. In this document you are to choose an individual who will ensure that your health care wishes are fulfilled.
Durable power of attorney for finances
This document contains the name of a trusted individual who will be in charge of your finances should you become incapacitated.
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 estate planning attorney for your estate plan.
