Everyone needs to plan their estate regardless of the amount of money in their bank account or the value of the assets they own. Estate planning is one of the best ways to secure the future of those you love after death. Also, in the event that you become incapacitated, an estate plan will ensure that your health needs are met exactly the way you want them.
Estate planning may be a very popular term. But, only a few estate owners or individuals are of what an estate plan really is. Some people see it as a mere plan that can be toiled with. While others see it as a plan that involves the creation of a will and nothing more. If you are among those categories of people, I would want you to know that estate planning is more than drafting a will; neither is it a plan that should be joked with. Joking with an estate plan is synonymous to joking with your future including the future of those you care about.
So, to those who don’t know what an estate plan really is; here is a brief explanation.
What is Estate Planning?
Estate planning is a simple term. It is not one of those terms that is hard to grasp. In fact, there are diverse definitions of an estate plan. If you understand the concept of an estate plan, you can come up with a definition as well. Without much ado, what is really an estate plan? Or put differently, what is estate planning?
Estate planning is a plan made to in ensure that your assets are managed and distributed according to your wish. After your death, you would want certain people to own all that you have worked for. You may want your first son to take over your farm, your wife to take over your shoe business, your brother to own your car, etc. An estate plan is the best way to ensure that your assets are shared smoothly.
Importance of Estate Planning?
Estate planning is one of the most important plans you’ll make while alive. Without an estate plan, your family will pass through several difficulties to claim your asset. In fact, if you die without an estate plan, your assets will be shared based on the intestate law of Buffalo, NY. In that case, the farm you would have loved to see your first son take charge of might be given to your brother and the business you would have loved to see your wife manage might be given to someone else. Also, without an estate plan, the court will appoint an individual to make health care decisions on your behalf should you become incapacitated.
Who is an Estate Planning Lawyer?
An estate planning lawyer is a state licensed professional whose job is to help and guide you in selecting the best options for maintaining your estate after death or in the case of incapacitation. A competent estate planning lawyer will want to fully understand your estate planning goals and suggest ways to achieve them. It is also the job of this professional to provide you with valuable advice regarding your estate plan. If your choices aren’t right an estate planning attorney will make you understand the consequences attached to the choices.
What is a Trust?
A trust is almost similar to a will. In fact, in some cases, a trust can take the place of a will. A trust is simply a fiduciary relationship in which one party, regarded as a trustor, gives another party, known as the trustee, the right to retain assets on behalf of the beneficiary. Unlike a will, a trust is completely free from probate. In addition, a trust can be created with the help of an experienced estate planning lawyer in Buffalo, NY.
Who is a Trust Lawyer?
A trust lawyer is a lawyer who helps individuals set up trusts for their estate. This professional also provide advice and recommendations to individuals who wish to set up trusts. A trust lawyer can help you set up a trust that aligns with your wishes.
