Estate planning is a very common topic. Several Americans know what an estate plan is but only few are aware of its importance, probably because they aren’t quite conversant with what this plan entails or how helpful it can be.
You can view estate planning in the same way you view financial plans most families make in order to manage and preserve wealth. Contemporary estate planning tools are used to distribute wealth to designated beneficiaries while also handling complicated problems that could arise during the process.
When people think of estate planning, they see it as simply writing a will that indicates one’s assets and its beneficiaries. The truth is that, estate planning is more than the drafting of wills or the distribution of assets to beneficiaries. Estate planning involves other plans that are made in preparation of one’s death.
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 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. Usually this document goes into effect when you become disabled or incapacitated.
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 and Probate
If you die without an estate plan, your estate will have to undergo probate before your asset can be approved for distribution. Probate is done for several reasons and one of those reasons is to determine the authenticity of a will.
The probate process is one process you don’t want your family or loved ones to go through because it can be very expensive, complicated, and time-consuming. Thus, it is advisable that you plan your estate while alive to save your family and loved ones the stress that comes with this process.
It is also important you note that, if you die without an estate plan, your assets would be managed and distributed based on the intestate law of New York. You will have no say on how your assets should be distributed.
Contact an estate Planning Attorney today.
If you aren’t an estate planning attorney, you may require the help of one when planning your estate. A competent estate planning Attorney has the necessary resources, experience, and knowledge to ensure that your estate plan covers all your wish. An estate planning attorney can also offer you valuable advice regarding how you should plan your estate to avoid the much-dreaded probate process.
If you reside in the city of New York and you need the assistance of a good estate planning attorney for your estate, you can count on us! We boast of the best estate planning attorney in the state. Contact us now!