After death, you’ll surely want your assets to be distributed to certain people. These people could be your family, friends, or strangers, like in the case of giving your assets to charity. To transfer your wealth to your loved ones, family, etc., you’ll need to create an estate plan. Without this important plan, you won’t have a say over how your assets should be managed and distributed.
You see, if you die without creating an estate plan, all that you worked for while alive will be shared according to the intestate law of Buffalo, NY. And, trust me, the process is usually long and very complicated. What this means is that, your assets could be given to anyone. In fact, anyone can decide to file a claim to your asset. This could put your family and loved ones in a complicated situation. So, if you don’t want your family or loves ones to go through so much stress after your demise, plan your estate early.
Estate Planning is more than drafting a will
Some people believe that estate planning is all about creating a will. If you are one of these people, it is important you note that while a will is one significant component of an estate plan, it doesn’t make up the entire estate planning process. If you want to create an estate plan that can provide optimum protection for your assets, including your loved ones and family after your demise, you’ll have to set up or create other legal documents. What are these legal documents? You may ask. I have listed some of the documents below.
- Trust
A trust is a very important estate planning document It is a legal entity created by an individual (grantor) to manage or control his assets after his death or while he is still alive. When creating a trust, which can also be regarded as a legal vehicle used in transferring wealth, a grantor selects a trustee.
It is the job of the trustee to ensure that the law of the trust is adhered to, it is also the job of this individual to ensure that the assets in the trust is well managed according to the wish of the grantor.
- Power of Attorney
A power of attorney is a legal document that gives an individual the right to make financial decisions on your behalf when you become mentally or physically incapacitated. A power of attorney is a very important estate planning document that can ensure that your financial matters are well taken care of the way you want them to. Without this document, the court will step in and appoint an individual who will help you manage your financial affairs.
- Health Care Power of Attorney
A health care power of attorney is a type of power of attorney that gives an individual (legal agent) the right to make health care or medical decisions on your behalf should you become mentally or physically incapacitated. Failure to create this legal document would give the court the right to step in and appoint an individual who will be charged with making health care decisions for you. And who knows, some of the decisions this individual would make may not sit well with you. Thus, it is important you set up this legal document so you have a say over mutterers regarding your health.
Contact an Estate Planning Lawyer Buffalo, NY, To plan your Estate
Planning your estate on your own may be a very risky venture. In fact, it is not advised to plan you estate with the help of online estate tools, especially if your estate is quite complicated. If you want a well-drafted estate plan, you will need the help of a professional to achieve that.
An estate planning lawyer Buffalo, NY, has the experience and knowledge needed to help you create a perfect estate plan. That is, one that mirrors your wishes and ticks all the boxes. So, what are you waiting for? Contact an estate planning lawyer Buffalo, NY, and plan your estate now!
