Having a good understanding of what estate planning is will help you when planning your estate. Forget the fact that you will hire an attorney to do the heavy lifting for you. To ensure that your estate plan is exactly the way you want it, you need to have a little insights into the process.
Let’s begin by considering what estate planning is.
What is Estate Planning?
Though common, not everyone knows what the term estate planning is. And this is because a huge percentage of people don’t see the importance in planning an estate. Estate planning is simply a plan an individual makes while alive for the management, distribution, and or disposal of their assets during their lifetime of after their demise.
Types of assets that can comprise of an individual estate include real properties (like buildings and lands), intellectual properties, cars, insurance, shares and stocks, banks accounts, including other personal properties.
It is very important that you contact an estate planning attorney Long Island and plan your estate as failure to do so may not necessarily affect you, but your family and those you care about. And this is because when you kick the bucket and you do so without a will, your assets will be shared based on the intestate laws of Long Island.
What happens if you don’t plan your estate?
An estate plan usually consist of a will, a document that outlines the wishes of an estate owner regarding the distribution of his assets. If you fail to plan your estate, no one will know what your wishes regarding your assets are. In that case, the state will step in.
The state will ensure that your assets are distributed based on the intestate law of the state. This means that, individual with whom you aren’t in good terms with may end up inheriting a portion of your estate. I bet you wouldn’t like that, so ensure you plan your estate before it is too late.
Estate planning is for everyone
There is a common misconception that estate planning is designed for specific groups of people like the wealthy, retirees, etc. However, the truth remains that estate planning is for everyone, both the rich and the poor. Once you become an adult, you are eligible to plan your estate.
Don’t make the mistake of waiting till those white hairs start appearing before you make an effort to plan your estate. Remember, you can’t predict what would happen tomorrow. So ensure you plan your estate before it is too late.
Planning your estate doesn’t have to be an expensive process
Worthy to note is that trying to plan your estate to save money now can cost your family more in the future and may have serious consequences that you did not intend. A competent estate planning attorney can provide you with valuable guidance and peace of mind that your documents are prepared to meet your objectives.
When is the right time to plan your estate?
Now is the right time to plan your estate. Don’t let anyone make you think that making an estate plan in your thirties is a waste of time. The earlier you plan your estate the better for you and those you care about.
Need an estate planning attorney?
Planning an estate can be a complicated process. It involves a lot of paperwork and legal documents like power of attorney, trust, will, etc. Thus, if you want to plan your estate the right way, it is important that you contact a professional.
An estate planning attorney can help you in several ways. This professional can help you plan your estate and help you create the necessary estate planning documents. If you need to update your estate plan, this professional can be of help as well. Also, if you have concerns or questions, contacting an estate planning attorney is the best way to find answers.
We boast of competent estate planning attorneys who can help you navigate the tough estate planning process. Simple get in touch with our office so we can offer you or your loved ones our professional services.
