What are the emotional aspects of planning your estate?
People often shy away from talking about their own death or the taxes they owe. Talking about your death can be scary especially when the audience is your family members. On the other hand, talking about the taxes you owe can be as well embarrassing. It kind of spells out your financial incompetence.
Many individuals are scared to talk about their estate. Some people are afraid that their family may suffer when they die. Why? Because they are in so much debt! For others, they aren’t quite sure who to transfer their assets to. Making such a huge decision makes their stomach churn. Let’s take a look at some things that scares the crap out of estate owners.
Fear of the cost
One of the reasons people fail to plan their estate is the fear of the cost. One thing every estate owner should realize is that, estate taxes are not meant for you. You won’t be alive to worry about paying taxes. Neither will you have to worry about the cost associated with the probate process. So why should cost scare you away from planning your estate?
One of the costs you may have to worry about is the cost of hiring an attorney. However, not all attorneys are expensive. Before you decide to hire one don’t be scared to request for his or her charges. Nevertheless, the cost of hiring an estate planning attorney shouldn’t stop you from panning your estate. See estate planning as a gift to your family. Trust me, it is the best gift you can offer them after your demise.
Fear of working with an attorney
Due to their high level of knowledge, some people are often scared of working with an attorney. They feel that along the way, these professionals may see them as uneducated or ignorant. This doesn’t matter. Do you feel that way when you call an electrician to repair your cable? Or do you feel that way when you take your car for repairs? The fact that you need help concerning your estate plan doesn’t mean that you are uneducated. Most times, attorneys don’t care because they know it’s their job to inform and help you.
Estate Planning In New York
Estate planning may be a general term, but the plan is unique in all states. This simply denotes that, estate plans differ in each states. In New York, there are some crucial documents that are required to for an estate plan to work. These documents are:
Will
A will is a very common document. In fact, it is one of the most important elements of estate planning. A will can be regarded as a legal document that holds the wish of the testator regarding his or her assets. Written in a will is not only the names of the estate beneficiaries, including the assets they are to inherit, but also the name of the estate executor.
One can also state how he or she wish to be buried in a will. The burial site, the method of burial, etc. can be stated in a will.
A durable power of Attorney for finance
You will have to designate someone who will oversee your finances it needed. A durable power of attorney is the document that can help you achieve that.
A living will
In New York, a living will is regarded as a document that directs health care. In this document you are to state your dying wishes.
A health care proxy
A health care proxy contains the name of an individual who is to ensure that your health care wishes are fulfilled.
Estate planning Attorney
You need an estate planning lawyer! Don’t let anyone convince you that you can create a perfect estate plan yourself without the assistance of a professional. It is just like flying a plane without the help of a pilot, or fixing your car engine without the help of an experienced mechanic.
The goal of an estate plan is to reflect the aims of the estate owner regarding his or her assets. Once your estate plan fails to do this either because of an error or any reason, then you don’t have an estate plan, but something else entirely.
An estate planning attorney has all the experience and resources required to create an estate plan that is in line with your desire. If you advice, an estate planning attorney can provide you with one. Contact an estate planning attorney near me 11221, now.