What is an Estate Plan?
Several people are conversant with the term estate plan, however, only a few people out there know what an estate plan means. Before you go ahead to plan your estate, you need to know what an estate plan is. You need to know the processes involved, how it is done, the dos and don’ts and the likes. You definitely don’t want to plan an estate with zero knowledge of an estate plan, it is like driving blind.
An estate plan is simply a plan made to prepare for one’s death. This plan often include preparations for several circumstance. An estate plan also covers the distribution, protection, and management of deceased’s assets until it is received by the appropriate beneficiaries. Estate plans are usually created with the help of estate planning lawyers. However, due to the advent of the internet, there are a host of online platforms that help individuals plan their estate.
Having known what an estate plan is, its best we delve further.
Why is Estate Planning so Important?
Many people are yet to see the importance of estate planning. In fact, in the U.S lots of people die each year without drafting an estate plan, or even creating a will. The consequences of this terrible act, will be experienced by the family and loved ones of these estate owners.
Creating an estate plan is very important. In fact, I cannot emphasize how important this plan is to not just you, but to your family and loved ones.
Failure to create an estate plan when alive will likely haunt you when you become incapacitated. It will also affect your family when you eventually kick the bucket. There will be lots of court hearings to decide how your properties will be shared. Your estate will surely undergo probate which can be difficult, expensive and time-consuming, In a nutshell, failure to create an estate plan is a very terrible mistake.
Fundamentals of Estate Planning
A good estate plan is one that makes provision for all circumstances. A god estate plan should be able to cater for your needs when incapacitated. A good estate plan should be able to help manage your assets when you are terribly ill. A good estate plan should also be able to escape probate. Below are some fundamentals of estate planning:
A will
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.
Healthcare Power of Attorney (HPOA)
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.
A trust
Creating a trust is the best way to escape probate. A trust is a legal vehicle that helps transfer assets to a third party (trustee) who is charged with the duty of transferring the asset to designated beneficiaries at the appropriate time.
Estate Planning Lawyer 14264, Buffalo, New York.
An estate plan is important which is why you need the assistance of a competent estate planning lawyer 14264, Buffalo, New York 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.