Estate planning is the only option when protecting your assets or personal affairs is your objective. Many people in NY have developed an estate plan to protect their estates and themselves plus their beneficiaries. But a significant number of individuals who haven’t opted for estate planning cannot be assumed. Maybe you have a close friend or family who hasn’t considered starting to plan for their estates. What are the reasons for someone not planning for their estates? Well, according to various Elderly Law Attorneys, procrastination is one big reason why loved ones do not plan for their estate. Procrastinating estate planning is simply planning for a future loss! This world is full of uncertainties, you can’t tell what can happen in five minutes from your present. However, some people may have a genuine reason for not planning for their estate like simply not understanding the importance of estate planning, or fearing for the cost involved in NY Surrogate Courts. Either way, you can offer solutions to a loved one by making them understand the need for estate planning, the various ways to minimize estate planning costs, the consequences of failing to plan for their estate.
Why Estate Planning?
This is likely to be the first question you expect from a loved one who doesn’t understand the need for estate planning. Well, you can offer solutions to them by informing them of; the importance of estate planning. Consider the following:
Estate planning protects your beneficiaries.
Estate planning enables you to select someone that will care for your kids after your demise or in an event of incapacity. It’s only possible upon execution of a guardianship agreement. You may leave your estate to heirs by designating proper estate deeds like the Last Will, lifetime insurance policy, trust, etc. With the help of an estate planning lawyer, drafting these estate deeds becomes easier than otherwise. You also have the option of choosing your associates in estate planning like an estate lawyer, agents under guardianship agreement, a proxy in P.O.A agreement, etc. This prevents chaos that may result after you die because of difficulties of transferring an inheritance to heirs.
Ensures their financial affairs survive then prosper.
During periods when you’re incapable of managing your financial affairs, estate planning through the drafting of necessary deeds ensures your business is operational in a normal manner. Many businesses have failed due to a lack of effective management especially when owners are key role players. You can avoid this by reaching out to an estate lawyer and enquiring about necessary deeds which guarantee survival businesses then fiscal affairs.
Estate Planning minimizes risks of uncertain events.
You can’t be certain of the future. Some events might occur that result in losses. Incapacity to manage your affairs is an event that results in losses. Although we don’t anticipate incapacity, it may come in various ways, and getting old is the obvious one. Reaching to an estate attorney prevents losses that may be due to old age such as protecting money from a nursing home.
Why an Estate Attorney?
Estate lawyer helps in protecting assets from huge taxes.
Estate Plannin9 is accompanied by huge taxes that make your estate cost high. Doing it alongside a lawyer helps you to reduce these taxes hence lowering estate planning costs. This makes the beneficiaries get the most from your estate.
Prevents probate progression.
A living-trust deed holds assets on a trust managed by a trustee. This helps prevent probate, protect assets from being lost. Estate planning prevents probate courts to handle your assets or appointing third parties such as an agent in guardianship
Drafts and maintains the validity of your estate deeds.
An estate lawyer drafts estate deeds in a professional way and ascertains their compliance with the NY surrogate court rules. This prevents your deeds from being rendered invalid before the court.
FAQs
How do I protect my assets from a nursing home?
Protecting assets from a nursing home are done by establishing a plan. Getting help from an elderly law attorney is a step towards protecting your assets.
What does a proxy in P.O.A imply?
A proxy is an agent who is appointed and given powers to make decisions over your affairs under a P.O.A (power of attorney) agreement.
Who is an elderly law attorney?
Elderly law attorneys are individuals who are certified and experienced in estate planning matters especially when older or disabled people are involved.
Why is probate an undesired thing?
Probate is not a desired thing for many individuals because it is costly, time-consuming, and privacy-invasive as it is done publicly in NY probate courts.