An estate plan contains instructions on how your assets are to be managed and distributed after your death. When you die, your properties will need new owners. An estate plan is the only way to ensure that the right persons inherits all that you have worked for. With an estate plan, you can assign an estate executor, the beneficiaries of your estate, the guardian for your minor children, etc. One can easily define an estate plan as plans made in preparation of one’s death.
You are said to die intestate if you die without an estate plan. When this happens, it is the duty of the government to oversee the transfer and management of your estate.
A good estate plan doesn’t just concentrate on beneficiaries, it also focuses on the estate owner, you. When making plans regarding how you ought to distribute your wealth to your family members and loved ones, it is important you consider your wellbeing as well. Should you become incapacitated without writing a will or planning an estate, you won’t have a say regarding who is to make crucial health care decisions while you remain incapacitated
Estate planning and wills
There is this common misconception that estate planning is all about drafting wills. A will is a very small but significant aspect of estate planning.
An important estate planning tool is your will. It contains instructions about your assets. They are instructions regarding
- Your properties
- Burial arrangements
- Estate beneficiaries
- Your estate administrator
Drafting an estate plan
Creating an estate plan is not as difficult as many people think. Of course, whatever plans you make has to conform to the estate planning laws of New York. You can contact an estate planning Attorney for assistance and advice when planning your estate.
How you wish to plan your estate will depend on a few factors, namely:
- The type of assets involved
- The individuals you wish to share your properties to
- Any other unique consideration
Before you make plans regarding your estate, it is very important that you carry out an inventory of your assets. This will help you know the actual value of assets which is very vital to your plans. In planning your estate, you may consider offering your non-liquid assets like your real estate to your beneficiaries, but ensure that you take note of the fair value of all your assets for planning reasons. Aside from taking note of their value, you must also take not of how some assets are named. For example, accounts that have the title of a selected beneficiary will be passed directly to the individual after your death, and it will not be seen as a part of your will. This is a very effective way to avoid probate.
After you must have had a clear understanding of your estate, you can then proceed with your plans. Ensure that you make plans that cover your retirement, health care, including other long-term needs should you become incapacitated. After making such plans, you can then decide on who you feel is worthy to inherit your assets. At this crucial junction, you may want to involve an estate planning attorney to talk about the options you have.
There are some estate planning tools (trusts and wills) that play a crucial role in the success or failure of your estate plan. If you utilize these tools appropriately you should have a topnotch estate plan, one that ensures that your assets are managed and the way you want them to.
Estate Planning Lawyer
When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state. If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best