Estate planning can resolve many issues that surface after the death of an individual. This is the best way to protect your loved ones and your estate.
Create an estate plan to give everyone an idea of what they should expect after your death. Plan the division of all your assets, accounts, healthcare, guardianship, and savings wisely. Here’s how to.
Create a Living Trust
Living Trust is a legal document assigning an individual responsible for your assets if you fall seriously ill or die. If you don’t draft a Living Trust, your family members may end up in an unnecessary debate. And, if the matter reaches court, it will cost hefty legal charges and a long waiting period.
Update your Living Trust every time you acquire new assets or invest. For example, you may prefer including a car that you just purchased in the Living Trust.
Choose a Power of Attorney/Healthcare Directive/Trustee
Once you’ve decided the assets you want to include in your Living Trust, you need to choose a trustee. To create a more detailed estate plan, you will have to appoint a Power of Attorney to deal with your financial issues.
A Healthcare Directive can also be appointed to ensure that your health wishes are carried out according to your wishes. Give it careful thought when deciding who to choose for these responsibilities. That’s because they are the most important roles in your life when you can no longer make your decisions.
Have an Honest Discussion with Your Family
It’s essential to have an open discussion with your family once you’ve decided on an estate plan. Most people often overlook this part of the plan, which is why it becomes a cause of conflict among family members. If you explain your decisions to them, there will be no room left for miscommunication or argument. So, it’s crucial to keep everyone in the loop from the get-go.
Though having a family discussion regarding the estate plan is quite beneficial, you must stick to what makes you feel comfortable. If your family tries to persuade you to make changes in the plan, remember that the estate plan is your decision.
Are you based in New York City and need help with estate planner Queens and estate planning Queens? The team at Ledwidge & Associates has you covered. We deal in real estate property law, probate issues, legal divorce proceedings, litigation, and more.
Reach out to us for more information and details about our services.
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