Bad times don’t come knocking; therefore, it’s important to plan ahead of time. Estate planning is also one such asset-protection tool that most people consider to protect their assets after their death. Nobody wants their hard-earned assets to be abandoned and settled in courts at far less than the original prices; therefore, people opt for timely estate planning.
This blog will understand the importance of estate planning and discuss things that one needs to consider while drafting their estate plan.
Estate Planning 101
Whether you believe it or not, we all have estates. Everything that has monetary value is considered an estate can be considered a part of an estate plan. Besides, your car, savings accounts, real estate, life insurance, furniture all count as an estate that you can give away if you want to.
In addition to these things, you can also ask your estate lawyer to specify the designation of the receivers and how much one has to receive.
Inventory stuff
You may think that your assets don’t qualify for estate planning, but that may not be the case. There are many tangible and intangible assets that we own without ever acknowledging their worth. For instance, vehicles, real estate property, furniture, and personal possessions count for tangible assets. At the same time, life insurance policies, retirement plans, and saving accounts qualify for intangible assets.
Align Your Assets as per Family Needs
Once you get a good picture of the number of assets you own, the next step is to protect them and ensure that they are received by the right people, like your family members and children. Some effective ways to protect your assets involve opting for insurance plans, naming your guardian, and documenting your wishes for your children’s care.
Reassess Names of Beneficiaries
It happens that couples make estate planning while they are married and name their spouse as their power of attorney or beneficiary. Although divorce ensures emotional and financial separation, it doesn’t change the estate planning; therefore, you need to call in an estate lawyer and get your plan updated and modified in the light of divorce. In addition, you can also reassess the designation of your nominated beneficiaries if it deems you fit.
If you’re looking to hire experienced Family Lawyer Brooklyn, consider us at the Ledwidge & Associates, P.C. We are reliable Family Law Services Brooklyn and Brox, estate law attorney long island, and Queens. Our probate and estate attorneys team are qualified enough to make your legal proceedings easy and smooth. Our legal services primarily focus on the probate process, estate planning, and family law services. Our estate, probate, and divorce attorneys are only one call away to assist you.
For more information, reach out to us.
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