Estate planning is one topic people don’t like talking about probably because it involves their death. Death is certainly inevitable so it is important that everyone takes his or her time to make this vital plan which can either make or mar you future and those you care about.
Estate planning may be a very common topic. This topic has been around for so many years and each year, lots of people contact an estate planning lawyer 14240, Buffalo, New York to plan their estate. Though popular, not everyone is aware of what estate planning really means. To most people, estate planning begins and ends with the creation of a will. While to others, estate planning is about orally designating beneficiaries of their assets. But the truth is that, estate planning comprises of several plans and legal processes tailored to ensure that the deceased assets are well managed and distributed to the right beneficiaries after death.
As we progress we’ll be providing you with insights into some of the important estate planning elements.
- Last Will and Testament
Most people are conversant with a last will and testament, which is widely regarded as a will. A will is simply a legal document that holds your wishes for your assets. With this document, you can state the assets you own including the beneficiaries of the outlined assets.
In most states, if you failed to create a will before death, your estate will have to undergo probate. Probate is a painstaking process done to determine the validity of a will. It is also very important that you draft a will when you have important life changes, like marriage, divorce, etc. As time goes by, you can update the necessary documents with the help of an estate planning lawyer 14240, Buffalo, New York.
- Healthcare Power of Attorney
A healthcare power of attorney is a legal document that gives you the opportunity to designate an individual who will be charged with making those crucial healthcare decisions for you in the event of your incapacitation.
- Living Will
A living will, which is synonymous to an advanced medical directive, states your wishes regarding significant healthcare decision in the event that you become incapacitated, unable to speak, or seriously ill. This statement can be regarding the use of life support and any sort of life-preserving medical support that you want or don’t want.
It is advisable that you draft this document the same time as your will. If you need advice contact an estate planning lawyer 14240, Buffalo, New York.
- Financial Power of Attorney
Just like the healthcare power of attorney, this important document gives you the opportunity to state the individual who will be charged with making financial decisions on your behalf should you become unable to do so. Without this document, no one will be able to handle your financial matters like the payment of bills, investments, and the likes.
Estate Planning Lawyers 14240, Buffalo, New York.
An estate plan is important which is why you need the assistance of a competent estate planning lawyer when on the verge of creating one. For those who don’t know who estate planning lawyers are, we’ll be providing you with a brief explanation of who these professionals are.
Estate planning lawyers are state licensed individual who help people plan their estate. These professionals who go by other names like estate law attorneys or probate attorneys have the experience, knowledge and resources needed to create an estate plan that can cater for your needs ( when needed) and that of your loved ones.
An estate planning attorney can help you
- Create a will
- Find the best legal ways to lessen you estate tax
- Help you plan an estate that avoid the difficult probate process
- Set up trust and other important estate planning documents
In addition, an estate planning lawyer can offer you valuable advice. These professionals will guide you through the estate planning process from start to finish. They can alert you of possible roadblocks and help you overcome them with ease. Indeed if you want to plan an estate that makes you sleep well at night, you’ll need to put a call across to one of those estate planning lawyers New York.