Estate planning isn’t just for the rich. Irrespective of your current financial status, you should have an estate plan ready to help secure a financially stable future for your family after your demise.
If you’re under the impression that you can accomplish this all on your own, though, think again. Not only is that highly inadvisable, but it can also prove to be quite detrimental for you and your family.
For Legal Advice on Asset Naming
Here’s the thing: your will doesn’t automatically covers all your assets. You need to clearly state the different types of property ownership, retirement accounts, beneficiary designations, and life insurance terms. Otherwise, they’ll be considered to be independent of your will.
An estate planning attorney can review your assets and recommend asset titling options. They can also help you in changing beneficiary designations. This helps in time-consuming and costly procedures in the future.
For Professionally Drafted Documents
Another advantage of having an estate planning service handle your case is that you can be assured of professionally drafted documents and impeccable paperwork. You won’t have to worry about errors and inaccuracies in the documents, which can prove to be quite costly. They’ll take care of each and every aspect of the forms and applications, doing an immaculate job.
Moreover, an estate planning expert can customize your documents as per your specific situation and goals. They’ll arrange for the witnesses and required notary signatures, include all necessary details, and take care of the whole process without you having to worry about the piles of paperwork ahead of you.
For Timely Updates
You can’t create an estate plan and then never revisit it. With changing circumstances, wills, trusts, and other types of estate plans need to be updated. This is necessary so as to keep the contents aligned with the current situation.
For example, you may want to change details in your estate plan five years down the road. Maybe a close family member got married; maybe you relocated; maybe your family experienced a financial setback or blessing. Your life events affect your financial situation, which in turn affects your estate plan. Therefore, it’s important to keep it updated.
An estate attorney will remind you timely to review your documents. Moreover, they’ll also help you update your estate plan in case of changing state laws such as the 2017 Tax Cut and Jobs Act and changing governments.
Ledwidge & Associates offer estate law attorney Queens and Brooklyn. Call our Estate lawyer Queens and Brooklyn at 718.276.6656 today for further assistance.
Ledwidge & Associates
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