Post-Pandemic Era: The Only Estate Planning Checklist You Will Need in Queens, NY
Introduction
With the roll out of the COVID-19 vaccination, it looks like the world will hopefully get back to normal. With basic social distancing practices still in place – now might just be the perfect time to create and follow an estate planning checklist.
From Long Island to Astoria, the need to draft an estate plan has never been more relevant in Queens, NY. Since estate planning is all about specificity, it is high time to figure out your individual needs.
Let’s take a look at essential estate planning checklist items:
Take into Account Your Inventory
Your starting point should be to review all your assets and how you can provide the best protection to these assets in the foreseeable future. For instance, list the value of cars, jewelry, real estate properties, existing home, artwork, and other fixed assets you own.
Focus on Your Accounts, Liabilities, and Insurance Policies
You should also gather brokerage, retirement, and bank account statements. Also, list all your liabilities like mortgages and lines of credit. Similarly, list all your insurance policies with cash values and as well as death benefits.
Create Your Estate Plan
At this stage, you should seek the services of a professional estate planning lawyer. In fact, you can count on your attorney for technical details and settle your estate affairs in Queens, NY. You can focus on questions like:
- Who would care for your children?
- How much your children will need to continue their education?
- Who will take over your current assets with specific proportions?
- Who will assume the responsibility to distribute your physical assets?
- Who will manage your future financial matters if you’re injured or pass away?
Make Actionable Decisions
You can meet up with your estate planning lawyer to draft and finalize the draft of your financial/medical powers of attorney. Just don’t forget to evaluate and update your beneficiaries on your accounts.
For instance, make sure to create a trust fund that would realize your agreement and transfer the assets to your intended beneficiaries. You also should ensure that “all” your physical assets are in the trust fund and reflect ownership.
Make Actionable Decisions
The best course of action for estate planners is to update their estate plan regularly. You just need to review the documentation and details once there is a change in current laws or personal circumstances. For starters, update your current beneficiary designations to ensure the distribution of your assets is as per your wishes.
Final Thoughts
You’d be surprised how many people view estate planning as drafting a trust or will. Practically, you should turn over the matters to a professional estate planning attorney. But you should also be involved and form a good understanding of your estate planning in Queens, NY.
In retrospect, ideal estate planning revolves around a series of provisions that make it possible for your family to control or access your assets when you’re unable. You don’t have to dive into every single detail. Instead, reach out to a professional attorney to ensure your estate plan wishes are clear with proper documentation.
REFERENCES:
- https://www.investopedia.com/articles/retirement/10/estate-planning-checklist.asp
- https://www.nerdwallet.com/article/investing/estate-planning
- https://www.clevergirlfinance.com/blog/estate-planning-checklist/
- https://www.nolo.com/legal-encyclopedia/new-york-estate-planning
- https://www.nytimes.com/topic/subject/estate-planning
- https://www.littmankrooks.com/elder-law/estate-planning/estate-planning-in-new-york-state/
- https://eforms.com/estate-planning/ny/
