The best time to do you estate planning is now and you can only achieve this with the help of an estate planning attorney. It is hard to think of dying, but this is inevitable. It is of good practice to create measures for after and not leave everything to chance. An estate plan that is well prepared and suitable will see to the proper management of your assets and smooth transfer to eventual beneficiaries without no complications.
An estate plan does not only come into effect after your death, it functions during your lifetime and even in the event of incapacitation. An estate plan incorporates legal structures to secure your best interest and that of your loved ones. It is often an important and critical activity that requires the legal overview of an estate attorney to make sure it is well created.
Hire an estate planning attorney
Estate planning should be taken seriously by every estate owner, it should not be considered as a DIY venture as some documents are better prepared by a legal practitioner verse in estate matters.
Who is an estate planning attorney?
An estate planning attorney is a specialized legal practitioner who handles the processes of estate planning. They help estate owners prepare essential estate documents and offer representation when due. These individuals work with your best interest at heart tackling every problem that may arise and ensuring smooth transfer of asset to your designated beneficiaries.
Preparing estate planning documents
In the course of planning your estate, there are several documents you must prepare and possess in compliance with state laws that will uphold the management of your estate in incapacitation or death, bequest to heirs at the set time. These documents substantiate and validate your claims and even afford you some government benefits.
A New York estate planning attorney will help you the following documents;
- Wills:
Wills are simply what an estate owner wants regarding the estate. As basic as t might seem, it is a very powerful estate plan document, which is the bedrock that holds the desires of an estate owner in the event of death or incapacitation. Ur firm’s estate planning attorney helps draft a comprehensive and detailed will, while considering all your assets and those that are better left out of the will.
- Trust:
In place of a will a living trust better and advisable. Using a will is quite stressful as it must undergo probate before assets can be transferred to eventual beneficiaries. A living trust on the other hand enables the estate beneficiary to receive allocation without going through the court process off probate, which is often resource consuming. The estate planning attorney helps you transfer your assets into a living trust document that grants you power to designate a trustee who manages them should you become incapacitated and/or for the designated beneficiaries.
- Power of attorney:
life situations such as incapacitation can be planned for and it is advisable to have someone to fill in the vacuum and make decisions as you would and on your behalf. The power of attorney is a powerful and highly important document in an estate plan as it allows you to appoint a competent individual of your choice to make financial decisions in your stead. Designating a trustworthy professional is advised
- Healthcare proxy:
This is similar to the durable power of attorney; in fact, it is a type of POA that deals with the healthcare provisions of an estate owner. It grants power to appoint an individual to make favorable decisions regarding your treatment options and healthcare services in all, when you can no longer make these decisions due to incapacitation.
It is important to know your estate planning basics, as it makes the whole process no complicated than it should be.
FAQS
- Will probate happen if there’s no will?
If there’s no will or the will is found to be invalid, probate may still take place if the estate owner and leaves assets in their name only without a beneficiary designation.
- Do I need to inform my spouse before planning?
This is actually the right thing to do if you are married, estate planning is strategy put in place to secure your future, your spouse and that of your heirs. Estate plan facilitate provisions beneficial to couples too.