Do I need an estate plan?
Estate planning is the documentation of the orderly management, distribution or transfer of your assets when you die. The estate planning attorney New York is a lawyer specialized in estate planning, and helps clients create ideal and effective estate plans which minimizes estate taxes and expenses, as well as eliminate the need for a probate, ensuring that the property gets to the beneficiaries in the shortest time possible.
Many have the misconception that an estate plan is simply a single one-size-fits-all document with a standardized format for everybody. But this is not so. An estate plan is actually a highly individualized set of documents. Every individual has their own unique situations and it is the duty of the estate planning attorney New York to examine your situation and come up with the best estate plan that suits that situation.
Some people also believe an estate plan to be something made for the wealthy or the aged but this is also not true. No matter your class, so long you live in New York and own property, having an estate plan is highly recommended. Besides, anyone can die at anytime, so waiting till one gets old will be a bad idea.
The estate planning lawyer understands that estate plans are personal and will work diligently with you on a personal level to ensure that your needs are met and your wishes concerning your estate are effectively carried out. So why not contact the estate planning lawyer New York today.
Essential estate planning documents
This document spells out how you want your estate to be disposed when you die.
- Healthcare power of attorney
In this document, you name a person and bestow on them the responsibility of taking medical decisions on your behalf when you become incapacitated.
- Durable power of Attorney
This document appoints an individual who will be in charge of representing you and handling your affairs when you become unable to handle them yourself.
- Living will
This expresses your wishes for medical care should you develop certain medical conditions.
This is a very powerful document which states who gets your estate when you pass away. There are different types of trusts and the estate planning attorney New York will advise you on whether or not to enter into any of them.
Common estate planning mistakes people make
Here is a list of mistake people usually make when they attempt drawing out an estate plan on their own without seeking professional assistance from an estate planning attorney.
- Delaying your estate plan till you get old
Most people wait till they get old before creating an estate plan. As bad as it is to think about, What if something bad happens now? Then your family will be left without knowing what to do with the estate.
- Not updating your will
Changes in estate laws, new births, divorce or acquisition of new properties will require a relative change in your will.
- Choosing the wrong executor
A spouse or child is not always the best choice as an executor as they would face a tough challenge dealing with the trauma of your death and also administering the estate.
- Not planning for disability
When you suddenly become disabled due to age, you may face huge financial and personal challenges when you fail to address it in your estate plan. Having a power of attorney or living trust will address this issue.
- Failing to meet with an estate planning attorney.
This is the worst mistake out of the lot as it will inevitably produce all other mistakes listed above.
These mistakes will cost you greatly on the long run, putting your family through agonizing trauma. To avoid such headaches, contact the estate planning attorney New York today, as he will provide you with all necessary documents that address all your estate issues.