Every day, a countless number of people are exposed to sudden and unexpected emergencies. For people who do not have estate plans in place, these events can create very serious problems.
Unfortunately when these events occur, a large number of people lack adequate estate plans. If you die without a will in New York, state law decides what happens to your assets and who should be held responsible. This article reviews some of the quick and essential steps that a person can use at any point in their life to begin estate planning.
# 1 – Wills Are an Important First Step
Wills allow a person to list beneficiaries who will receive a person’s assets after their death. These documents also allow a person to appoint an individual who will carry for a person’s minor children. To be considered valid by a court of law, wills in New York state must be specific requirements.
# 2 – Think beyond Your Own Death
Besides death, estate planning also lets a person address concerns about who will handle financial or healthcare decisions in case the individual becomes incapacitated. Living wills are the type of estate planning that lets an individual describe the medical procedures that they would like perform in case of incapacity. By focusing on only what will happen after a person’s death, a person will be looking over an important number of estate planning issues.
# 3 – Establish a Trust
Some people benefit by making a trust part of their estate plan. By creating a trust, a person can avoid the probate process, which involves the court determining that your assets are aid. Because trusts are complex and failure to meet even one requirements can result in assets placed in the trust losing protection, an experienced attorney can be particularly helpful in creating one.
# 4 – Make Sure Your Wishes Are Communicated
Everyone who will be affected by your estate plan understands your intentions. As a result, you should have conversations informing people that they are beneficiary, executor, or will play any other type of role in your estate plans. This helps to make sure that everyone who is involved with your estate plan is prepared for what will happen and understands the role that they will be playing in carrying out your wishes.
# 5 – Keep Your Estate Plans Updated
In many cases, it is important to make sure that you frequently update your estate plan to make sure that it reflects your wishes. Even if a person decides otherwise, the beneficiaries listed in estate plans will inherit assets. Some of the most common events that make people update these documents include births, deaths, divorce, and marriage.
Contact a Knowledgeable Estate Planning Lawyer
If you have a particularly complex life, it is likely that your estate planning involve a number of unique considerations. Not only can an experience estate planning attorney help you create the necessary paperwork, a lawyer can also help make sure that you have the strongest estate plan possible. Contact Ettinger Estate Planning today to speak with a knowledgeable attorney who can make certain that your estate planning needs are fully carried out.