One of the most important things people can do for their loved ones is to prepare an estate plan. It’s best to keep in mind that it can never be too early to plan your estate, but it can be too late.
What is an Estate Plan?
An estate plan consists of legal documents that distribute your assets according to your will when you pass away. It also sets forth how you want your health and financials handled during your lifetime if you are unable to do so.
A well-planned estate plan can help minimize probate fees and taxes, and ensure your loved ones will have less to worry about in the unfortunate event of your death. Failing to do so can result in unintended complications for your successors. Following is the list of six essential documents that are required to plan your estate.
Will
The most standard document in estate plans is a will. A will usually designates a personal representative or an executor to distribute your assets the way you want.
Revocable Trust
A living or revocable trust provides and holds the management of your assets while you are alive, along with naming the individuals who will receive your assets when you pass away. Revocable trusts can also help you with planning for incapacity. They also simplify probates in many states.
Personal Property Memorandum
This document allows a person to gift tangible personal property like artwork, furniture, jewelry, and other valuable belongings that aren’t mentioned in the will. This document isn’t as important as a will and can be changed over time.
Durable Power of Attorney
You can appoint a friend, advisor, or a family member to act for legal and financial matters on your behalf by this document.
Living Will
You can express your wishes regarding your end-of-life care through a living will. Living wills usually cover whether you would want a feeding tube, ventilator, or resuscitations.
There is more to Estate planning along with having the right documents in place. It’s best to have a team of tax, financial, and legal professionals, especially probate lawyers, to help you through the proceedings and provide you with consultancy specific to the complexity of your situation.
If you already have an estate plan, don’t forget to update and review it periodically. Drastic changes in your life such as divorce, marriage, and death or the birth of a family member or friend may raise the need for you to make revisions to your plan.
If you find yourself in need of a probate attorney Queens and probate attorney Brooklyn or anywhere in the New York City metro area, Ledwidge and Associates can provide you with expert and highly experienced attorneys. Visit our website to learn more.
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