In these tumultuous and uncertain times, estate planning should be one of your top priorities. The importance of estate planning ahead of time boils down to one purpose; to ensure that you and your loved ones receive prompt protection.
Contrary to misguided misconception, you don’t necessarily need a significant chunk of assets to think about getting a revocable trust. In fact, revocable trusts serve as a tool to distribute assets throughout the lifetime and even after death.
Remember, your estate planning can be more than just about properties. It can include vehicles, insurance, investments, jewelry, bank accounts, furniture, and other valuable items. Think of estate planning as a way to make arrangements for everything you own before your departure.
Although the list can be endless, here are some perks to have an estate plan beforehand:
Protect Your Assets
One of the fundamental reasons to opt for estate planning is to secure all your assets. Usually, the asset protection plan is part of the estate plan. For instance, don’t wait for a potential lawsuit to hit your door. Instead, now is time to consult with a lawyer and discuss the parameters to protect your assets.
Ultimately, your focus of attention should be to create a future-proof financial plan. A comprehensive plan will render complete protection to your assets, benefit you throughout your lifetime, and offer security to your beneficiaries after your passing.
Best Way to Cut Down Estate Taxes
You’d be surprised how many people don’t take advantage of federal and estate taxes or inherences taxes. It should serve as an excellent motivator for individuals and couples to reduce or altogether get rid of estate taxes.
The truth is when you avoid probate and roll out future-proof estate planning for your beneficiaries; it cuts down a lot of complications. Most people opt for estate planning when they see someone close stuck in the cobweb of confusion due to a non-existent estate plan
With estate planning, your beneficiaries would not have to worry about get the estate funds or pay for expensive probate proceedings.
Get the Professional Estate Planning Legal Help in Queens, NY
If you want your estate plan to get over the finish line, it’s never too late to consult a professional lawyer in Queen, NY. Of course, no one wants to get caught in a storm of crisis or fall victim to a tragedy. At its core, estate planning offers peace of mind.
If you want to make sure the realization of your last wishes, estate planning is the way to go. And if you’re not sure about what assets and properties you want to make plans about, the best course of action would be to work side-by-side with an experienced estate planning lawyer in Queens, NY.
Although different states have different intestacy laws (i.e., someone who passes away without a will), it usually works in favor of children and spouse. However, if you don’t have children or a spouse, the intestacy law would distribute your entire estate to close relatives. Once you understand the cause-and-effect of estate planning for the foreseeable future, it makes more sense. You can touch with an estate planning lawyer and learn more about the efficacy and urgency of having a plan.