Estate planning refers to making all the relevant arrangements to your estate and possessions, whether it’s long-term medical treatment or unexpected departure. Think of estate planning as a way to make sure only the right person gets complete control over your financial (and health) decisions. In Queens, “estate” can include vehicles, land properties, investments, bank accounts, jewelry items, furniture, and any item with value.
Why Opt for an Estate Plan
It is vital to understand that estate planning is not just for wealthy individuals. Instead, it allows people from all walks of life to leave instructions about their possessions, money, and owned property. Establishing a clear estate plan is the best way to honor and respect your familial relationships.
Beneficiaries, Insurance, and Investments
With an estate plan in place, you can ensure your estate won’t go to “other” beneficiaries. In fact, estate planning is the ideal way to ensure your family leads a hassle free financial life. Through insurance and investments, estate planning can work as a buffer to support your family.
Minimize Tax Impact and Resolve Family Disputes
Estate planning also allows you to minimize the overall tax impact on the inheritance. On top of all, if you want to resolve family disputes, estate planning allows you to be specific and cut out potential disagreements among family members and relatives.
No Estate Plan is Too Simple or Complex
Estate planning can come across as a tedious and complex process and this is where you should reach out to estate planning attorneys in Queens, NY. A professional and experienced lawyer can take care of your estate plan, documentation, and will fulfillment.
Estate Planning Equals Peace of Mind
Estate planning gives people peace of mind. It gives you the absolute certainty that the future of people you hold most dear is secure and safe. If you want to make your estate plan more reliable, focus on essential goals.
Choose Your Power of Attorney
Yes, there’s more to estate planning than just selecting beneficiaries and reducing tax impact. For most people, it’s about choosing the person that will be in charge of all their assets. Your estate plan mentions the person with attorney power. The same person will be in sole charge of your financial and healthcare decisions in case of an unfortunate event.
Communicate YOUR Wishes
Estate planning allows people to communicate their medical wishes. Just like selecting a power of attorney, you can leave a living that will communicate your decision about medical treatments.
It is essentially a document that will allow medical professionals and family members to not take stressful decisions about “your” life on their own. In the event of long-term medical treatment, you can create trust. It will give the person of your choosing the ability to communicate your decisions.
The last thing you want is to burden your legal heirs. In fact, many people get caught in the cobweb of transferring assets and often bear high taxes because of no estate plan. Estate planning can make all the difference for your loved ones when something unexpected occurs. Your first course of action should be to seek out an estate planning lawyer in Queens, NY. You should be able to ask all the questions and initiate the estate planning process.