Estate planning is a household name. A lot of people know what estate planning is, but only a few understand what the plan involves including how it works. In fact, some people believe that estate planning is just for the wealthy as it involve the transfer and management of assets.
The truth about estate planning is that, it is for everyone; both the rich and the poor. As soon as you become an adult, you are eligible to plan your estate regardless of how much you have in your bank account. As a married man or woman with kids and some assets, it is recommended that you plan your estate as early as possible as one cannot predict when he or she will leave this world.
Before we delve into the crux of this article, let us consider what estate planning is.
What is estate planning?
Estate planning is a plan designed to manage and distribute one’s assets after death. The distribution is often made in accordance with the wishes of the estate owner. That is the main purpose of creating an estate plan; to ensure that one’s assets are managed and shared according to how he wants it to be. An estate plan also helps to cater for the needs of an individual when he or she gets incapacitated.
As you know, incapacitation can happen anytime. So, it is important that you prepare your estate plan so you can properly take care of yourself when he need arise.
Death without an estate plan is bad
Anyone who dies without an estate plan is said to have died intestate. In this case, the assets of the deceased will be managed and distributed based on the intestate laws of Brooklyn. This means that, those things you worked so hard for will be shared and distributed to whoever the court deem fit.
Your family and loved ones could suffer from your inability to plan your estate should you die without an estate plan. So, if you haven’t made an estate plan, don’t hesitate to contact an estate planning attorney, Brooklyn.
Now, having understood what estate planning is, let us take a look at some of the estate planning mistakes people make.
Mistake 1: Failure to update your plan overtime
Estate planning isn’t like one of those plans you make and leave. Having a plan is not enough. It is important that you update your plan, especially when significant changes happen. Some estate owner are fond of creating an estate plan and leaving it that way. They don’t modify the plan when a new baby is added to the family, when they acquire more assets, or when they get a divorce. If you fail to update your estate plan at the right time, your family may suffer the consequences. Contact an estate planning attorney, Brooklyn, now and update your estate plan.
Mistake No 2: Failure to prevent probate
Probate remains the bane of all estate owners including estate beneficiaries. The probate process is one stressful, expensive, and time-consuming process that must be avoided at all costs. If you fail to create an estate plan that can bypass the probate process, you will directly be subjecting your family and loved ones to so much stress after your death. So, whenever you are planning your estate always have probate in mind.
Mistake no 3: Not planning for disability or long term care
Your estate plan should make provisions for significant issues that may arise while you are alive like disability. You see, 70% of individuals of age 65 will require long-term care before their life winds up. A private room in a nursing home is quite expensive, and a home health aide costs over $50,000 annually.
With that said, you will be doing yourself a lot of favor if you added some disability planning in your estate plan so that when disability hits, you will have everything covered and wouldn’t have to worry too much.
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.
Contact an estate planning attorney, Brooklyn, Now!
