Most individuals think about estate planning as a means to safeguard their wealth once they’re gone. This is a great way of safeguarding your family’s future. Timely estate planning is favored because no one wants their life’s work to be disregarded and resolved in court for a fraction of the original value.
In this blog, we’ll go over some of the factors you should consider regarding estate planning in NYC when you put together your estate plan.
· Managing Your Estate Properly
Everything that may be sold or exchanged for money is part of an estate and can be included in a will or other estate planning document. What you own, such as a car, savings accounts, real estate, life insurance, and furnishings, might be considered part of your estate and bequeathed if you choose.
You can also ask your estate attorney in Queens or Brooklyn to detail the beneficiary names and the percentages they must each get.
· Listing All Tangible and Intangible Assets
You might not believe you need an estate plan since you might think you don’t have much money or valuables, but you might be surprised. Many of us ignore the value of the material and immaterial possessions we have earned. Tangible assets include cars, houses, furniture, paintings, and other personal goods. However, intangible assets include savings accounts, retirement plans, and life insurance policies.
· Distribution of Assets as Per the Needs of the Family
Once you have a clear picture of your assets and wealth, you can take steps to safeguard it and make sure that it passes to the correct people, such as your loved ones and heirs. Insurance policies, choosing a guardian, and writing down your wishes for your children’s upbringing are all good strategies to safeguard your possessions and provide for your family in the event of your untimely demise.
· Keeping The Estate Plan Up to Date
It’s common for spouses to work together on estate plans throughout the marriage, with one partner serving as power of attorney and the other as a beneficiary. Divorce may result in physical and monetary separation, but it does not affect your estate plan; you should consult with an estate attorney to update and modify your estate plan accordingly.
The list of your specified beneficiaries can be reviewed and updated as often as you choose and is highly recommended by our estate planners in Queens.
Highly Knowledgeable Estate Law Attorneys In Queens And Brooklyn
With the assistance of Ledwidge & Associates, P.C., you may put your mind at ease about any real estate and property law issues. If you’re having trouble with a transaction or probate, our estate law attorney long island and Queens can assist.
Contact us for further information regarding any of your legal concerns, including estate planning Brooklyn.
Ledwidge & Associates
