The value of the estate plays a very important role in this. For example, estates with a total asset value under $50,000 in New York are not subject to a full proceeding and can simply file small estate forms. This article will help educate you on the importance of Probate You will be able to understand the importance of Probate and how it is essential with or without the will. Read on ahead to find out more.

Importance of a Probate of the Will

When it comes to Probate there seem to be a lot of confusion and misunderstandings. Probate is basically defined as the process or a legal procedure which provides a beneficiary some legal authority to ownership over the assets or authority to take care of the affairs of the person who is deceased. Typically, it is best to have an experienced attorney helping you file the necessary documents for Probate. Probate is a time-consuming process and can come with complications caused by family disagreements. The first thing you need to know is that you will need an original of the Will and Death Certificate. It is very important to remember not to remove any staples from the original Will as this may disqualify it. If you need to make copies for your records, please do so without removing staples. When obtaining the death certificate ask for multiple originals as you may need them during the process. Mistakes when filling out the paperwork needed for filing can delay or complicate the process.

Typically, within the Will the deceased has named a person or people they wish to become the executers of the Will. Just because you are named an executor doesn’t mean that you must undertake the roll. You can step away from the roll allowing another family member to take your place. An executor assumes a fiduciary roll and is responsible to make sure all debts and taxes are paid off prior to dispersing any of the assets held by the estate.

Creating a list of assets is Very Important Factor

When you want to establish the requirement of a proper Probate, it is important to ensure that you make a detailed and essential list of the things or assets that were owned by the deceased. Then you will have to find out some other important details. These are the details which are going to provide you with some information about the ownership of the estate such as how the apartment or house were deeded. Were the assets named under the deceased’s sole name or were there some joint names as well? The assets which have joint names can have tenants who are in common. This is important as it will give you a better understanding of the value of the estate.

As we discussed before if the total assets in the estate are under $50,000 you can avoid a full proceeding and need only to file paperwork for small estates. Knowing how properties are deeded play a major roll as they might be outside of probate and pass directly to the tenant in common. For example, a married couple having two kids and one spouses passes away. Let’s say the deceased leaves a Will behind leaving all their assets in equal shares to the spouse and the surviving children. If the house is deeded tenants in common and both the deceased and spouses name are on the deed, then the house passes directly to the spouse and isn’t considered as part of the estate nor does it have to undergo probate.

As you can see there are a lot of factors to determine whether or not you will have to Probate a Will to gain access to the estate as well as what is considered as part of the estate. If you are reading this an you wish to consult with an experienced attorney, we offer free consultations. It is also important to remember that it is possible to plan ahead in order to avoid Probate all together. Probate can be time consuming and costly planning ahead can save you time and money. Call us today and let us help you!

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In a city like New York, there are some things that people need to know about the Probate process in order to make sure that the process goes smoothly. So, here we are going to provide you with some answers.

When Is Probate necessary in New York?

To be honest, every single state has a different rule for the Probate process. In the case of New York, Probate is essential when the person owning the estate has deceased and the executor has provided a will to court along with other important documents that would support the determination of the estate and the division of it as well. With the help of the Probate process, the estate and all the assets of the deceased which remain after paying for the funeral expenses, taxes and bills will be divided amongst the people who are considered to be the beneficiaries and the heirs.

Steps of the Probate Process

In order to understand the importance of Probate in New York, it is important for people to understand how the entire thing works. So, here we are going to provide you with some steps so that you can have a better idea of what you’re in for.

Step 1

After obtaining the death certificate of the person who is deceased, the executor will be able to start the process by submitting the will to the court. The beneficiaries will be notified about the will and testament and also about the process. At this point in time all potential heirs/beneficiaries will have the opportunity to review the last wishes of the deceased to determine whether or not they seem true to their nature or are part of a family members attempt to produce a fake Will for their own benefit. If you believe there is any foul play at this point in time you will be able to contest the Will and raise any issues.

Step 2

The creditors are informed about the estate of the deceased person and they can make their claims that the executor will be paying from the assets of the person who is deceased. This might also permit the personal administrator or the executor to make sure that they can sell the assets in order to provide for the claims that have been made by the creditors. After paying all the bills and the expenses along with the claims of the creditors, the property which is remaining will be divided into parts and provided to the beneficiaries and the heirs of the property as stated in the Will be the deceased.

Conclusion

In the state of New York Probate is only necessary when someone passes with a last will and testament in place. Probate at times is confused with an administrative proceeding which is similar in process but only takes place when someone passes without a will or trust in place. Probate can be avoided by setting up a trust and moving all assets into the trust during your life time. To speak with an experience lawyer about probating a loved one’s estate or about creating an estate plan in order to avoid probate call our office today.

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Estate Planning Brooklyn

It doesn’t matter if you have modest or large property Estate Planning is required. Let’s say if you have a small apartment in Brooklyn with a car, few investments, and savings then you might want to secure it, right? Estate Planning isn’t just for the elders or wealthy everyone should consider securing their estate. 22% of Americans are ignoring Estate Planning stating, “They don’t have enough assets to leave to anyone”. Also, 50% are ignoring it by saying, “They haven’t gotten around to it”.

Types of Estate Planning

A lot of us think that estate planning is all about signing off a will or trust for your family or charity. However, estate planning has a lot to give in such as will/trust, durable power of attorney, beneficiary designations, letter of intent, healthcare proxy, power of attorney, and guardianship designations. Now, we do understand that it does sound a bit complicated but that is exactly why you should consult an Estate Planning Lawyer.

Benefits of Estate Planning

We believe Estate Planning is important and the benefits of Estate Planning speak for themselves.

• Security for your family – Without an estate plan for your family they potentially will get less money or estate due to taxes, and it will take them a bit longer to get it if they must undergo Probate. An Estate Plan just simplifies the job and takes care of your loved ones even after you are gone.
• Important if you have kids – Let’s face it, life isn’t totally secure and anything can happen to anyone, anytime. Just imagine, what would happen to your kids if something happens to you and your spouse? They will end up in Child Protective Services till the count decides who will be their guardian but if you have an estate plan then you can designate their guardian when you aren’t around.
• Minimize tension & expenses – Without an estate plan, the courts are forced to handle everything according to the law in order to distribute your estate. You must know that this whole process is known as “probate” and it does require a lot of time, and even for the modest estate, it can be expensive. So, having an estate plan can save your loved ones from this paid.
• Enjoy your retirement – Estate plan can actually help you a lot even when you are alive. With the proper estate plan you might even be able to divest yourself of your assets and qualify for government benefits like Medicare, preserving your wealth for future generations.
• Help in Reducing Tax – Estate planning can also help you in reducing the taxes by taking advantage of the current gift tax exemption as well as potentially creating a step up basis on the death of the first spouse for your real property.
• Peace of mind – during your retirement or after retirement knowing that your affairs are in order and your family will be taken care of when you’re no longer around can help provide a piece of mind.

A lot of people think that estate planning is very expensive, but it doesn’t have to be. Yes! You don’t need to go with the full complex plan. You can just simple consult an Estate Planning Lawyer in Brooklyn to see what best fits your budget and covers your needs. We will not just guide you through the process, but we will also explain and make sense of how Estate Planning can be helpful to you and your family. Having the estate plan doesn’t mean that you need to own a lot of assets, it simply provides the ability for you to decide who gets what and who will take care of your finances and medical decisions if you can’t while you’re alive.

Estate Planning Lawyer in Brooklyn

Experts have shared the opinion about estate planning, and they have said that planning is important for all adults and not just those with considerable assets. You would be shocked to know that around 50% of Americans have talked about estate planning but they often ignore it putting it off to later feeling they are to young or not enough assets or even simply worried and uncomfortable talking about death.Some believe that planning consumes a lot of time or is too expensive and doesn’t make sense.

Well, planning is important, it is never to early, majority of people start planning when issues arise and for some it might even be to late.Our Estate Planning Lawyer’s in Brooklyn offer a free consultation in order to better educate potential clients on the necessities and benefits of planning. We customize each and every plan to fit our client’s goals and needs. Call us today to schedule a free consultation in one of our conveniently located offices in Brooklyn, Manhattan, Queens and Long Island.

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We have seen a report which suggested that young people or the millennials are being attracted to estate planning and that’s good. Well, the new generation understands the importance and benefits of estate planning. Still, we have far to go because some people still think that estate planning isn’t their cup of tea. People who have modest assets are more likely not to be interested in estate planning because they think they don’t have much to plan for. The way we see it is everyone works long and hard to have achieved what they have up to date, be it a $50,000 in savings or a house worth $5,000,000 why not safeguard what you have.

Do I need an estate plan?

Yes! You do and everyone who is or has ever been concerned about their family, spouse, children, business, and loved ones should consider having an estate plan. So, you should stop thinking about planning and go ahead and take a free consultation with a specialist. We have seen a report which says that a lot of Americans have misconceptions about estate planning. Some people think that it is only for the rich, some people think that it is only for the old, some claim that as they don’t own much, they don’t need planning, etc.

We respect your opinion and understand that you aren’t aware of the benefits of estate planning. So, we are simply going to brief you with some positive benefits of having estate planning. Afterward, you can decide wheatear or not you want to have an estate plan or not. Check out the estate planning benefits below:

Estate planning benefits

Estate planning is harmless and comes with lots of benefits. Estate planning can provide your family with an extra layer of protection safeguarding them from creditors and predators which can proof quiet useful in the near futur. We know that a lot of you have heard about planning your estate before but we highly recommend you take action now.

It isn’t simple to make an estate plan and will have lots of questions and concerns, but we believe that our expert estate planning attorneys can help. Overall, if you’re considering planning your estate then congratulations. Planning for the future and taking control of it to the best of your ability is a great idea. If you ever wondered how estate planning works or where to begin call us to setup a free consultation. Estate planning can do more then just safeguard your assets for future generations, with estate planning you can decide how your estate takes care of you in the event that you are alive and unable to take care of yourself.

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What is Revocable Trust?

A revocable trust is one kind of agreement that indicates how the property of a person can be managed and distributed in their life or after they are no longer around. There are many benefits of a revocable trust and one such benefit is it avoids probate. Probate is the comprehensive and highly time-consuming official process where the court determines how one can distribute an individual’s assets after his or her death.

One more benefit of a revocable trust is it helps in guarding your privacy. A Will which is probated becomes public record and a revocable trust stays private and to many this can play a big role. Furthermore, if you become incapacitated and have a trust established, your descendant trustee can potentially just take over your asset management. Let us look at the pros and cons to get complete details on revocable trust:

Pros of Revocable Trust

Allows you to avoid probate

After your death, your assets that are held in a revocable trust will bypass probate. Confused? Let me explain to you in detail, it means that they will pass to your heirs easily without putting all your assets through the probate procedure with courts that will be troublesome, costly and time-consuming. Your beneficiaries may take over without any court oversight.

Gets protection from court challenges

There are hardly any challenges when it comes to a revocable trust and even if there are it is very difficult if not close to impossible to change anything once you are no longer around. A Will has to undergo Probate and this leaves room for someone to contest it. Setting up a Revocable Trust is one of the best ways to insure that your true wishes for pass through of assets are met.

Makes you organized

Suppose you’re interested in creating a Revocable Trust, it is a good opportunity to get yourself organized and simplify asset distribution or asset research for your loved ones. Most people tend to keep their business and assets private and therefor at times neither ones spouse nor do their kids know of all the assets that they have accumulated or of all the investments that that they have made. Creating a revocable trust which discloses all your assets and investments as well as how they should be distributed is a great idea.

Keeping Assets Private

Probate is a public process and anyone who wishes to do so can follow along. Do you have several children yet wish to leave more to one versus the other? Creating a revocable trust would be the best way to keep everything private when it comes to what you leave behind, this can potentially help avoid a family feud. Also as mentioned before it is the best way to avoid Probate and the potential of family member contesting your wishes and turning this in to a long and costly court battle.

Cons of Revocable Trust

Whereas many people will agree that pros of a revocable trust will outweigh its cons, but still you need to know there are a few disadvantages that you need to be aware about. So, let us have a close at them:

Costs more

If you compare it to a will, then you are paying a little more upfront in making the revocable trust. However in the long run it will save your estate time and money by avoiding Probate and with potential tax savings.

Can take time for funding

Funding is the process of moving your current assets or retitling them into the name of the trust. You will have to contact a title company if you own real estate to re deed your property into the name of the trust as well as your insurance company to name your trust as beneficiary just to name a few examples.

Dealing with a Trustee

If you do not have a close family member or friend that you can trust to act as your trustee then you may run into some costs associated with a company that renders such service. These fees can potentially chip away over the years at the overall estate.

Wrapping Up!

Thus, a Revocable Trust is one of the most helpful estate planning tools. Take some time to educate yourself on the topic by reading up online or speaking with an Estate Planning Lawyer. Our office offers potential clients the initial consultation free of charge. Call us today to learn more about how a Revocable Trust can benefit you.

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First of all, forget the old misconception that you don’t need an estate plan as your just getting started. You must know that everybody needs an estate plan especially now that you are responsible not only for yourself. Humans can get injured or die at any age and time. We don’t have control over all life’s situations, like car accidents or incidental death so it’s better to have an estate plan so our spouse/children are secured. We know that most young people put of estate planning because they think that it is for old folk’s. It’s good to stay prepared for the worst case scenario.

Estate Planning for Married Couples

You must know that estate planning for married couples comes with a lots of benefits and powers. Also, it gives the freedom to the couple to decide how they want to use or even handover their estate. Estate planning also helps you in planning your retirement and medical care services. Here, we are going to talk about some major importance of planning your estate with your partner.

Secure your spouse’s future

We think that planning an estate can secure your spouse’s future or at the minimum simplify it while they grief and take care of pressing affairs. A good estate plan can help avoid probate, mitigate taxes or even help make burial decisions.

Protection from third-party claim

Having an estate plan can help protect your spouse from potential third-party claim. Neither you or your estate planning attorney can predict your beneficiaries personal or financial situation when the time comes. Seeing to it that assets don’t pass outright to them but instead pass into trust for their benefit at times can be the difference of them receiving money or not.

Reduce taxes

Planning your estate now while the current gift tax exemption is at an all time high can potentially save your spouse a lot of taxes.

Must-Have estate planning documents for a married couple

Healthcare Proxy

In the event that one of you become ill and unable to make your own medical decision a hospital or medical facility might require a Healthcare Proxy to speak with your spouse. Married couples usually become each other’s Healthcare Proxy’s.

Power of attorney

A power of attorney means that if something happens to you or you aren’t in a condition to make financial decisions then someone else like your spouse can make those decisions for you. For example, you are the bread winner in the family yet due to a car accident you end up in a coma, Your spouse may need to access bank accounts to pay rent or mortgage or even may need to sell a property to sustain during this time. Most married couples name each other as one another’s Power of Attorney followed by a grown child or close relative that they trust.

Will

A Will is part of basic planning. It is one of the first estate planning documents that new couples tend to set up. A will can discuss basic wishes as per assets and what happens to them when you are no longer around as well as designate guardians for minor children.

A living Will

Yes! It is important to have a living some decisions can be difficult for a spouse or child to take upon themselves. If you don’t wish to have resuscitation or tube feeding if god forbid that time arises then you wish to make that decision for yourself and not leave it to your loved ones.

Ceremony Instruction

A simple step where you leave some instructions/wishes and advice as per your funeral so your partner can take care of it as you wish.

Hopefully, you and your spouse will go through each and every document carefully a will or estate plan should be clear. You must understand that without an estate plan your partner can suffer having to go through probate while mourning or being forced into difficult medical decisions that no one should have to make for a loved one. We think for the sake of a piece of mind each and every married couple should have an estate plan.

You must know that life insurance policies and other insurance policies don’t always have to be in your will you may choose to just contact your insurance policy provider to add a nominee name. We believe that planning is you reaching into the future and taking charge. Regardless of how you plan and the length you take planning even for the smallest of events is always better then pretending that it can’t or won’t happen to you.

To sum it all up, planning especially for a married couple is very important. If you love your spouse show it by thinking of their future. Help safeguard them from headaches such as medical decisions or probate. Protect your assets from creditors and predators. Preserve your wealth small or large for the benefit of your loved one. Seek guidance from an experienced estate planning lawyer, cross your T’s and dot your I’s as your loved ones matter.

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You have spent your whole life to build a business and you wouldn’t want it to vanish after your death right? Yes! Your business can be harmed without an estate plan because now you aren’t here to run it. In this case, whoever will be in charge is going to drive your business as he/she wants. Estate planning is something that can give you the power to manage the future decisions of your business. Also, it can save you from a lot of tax implications, and you get the benefit to pick the right beneficiary or person who will take over in your place. Estate Planning can be advantages to any business or company.

Estate Planning for Business

It doesn’t matter if you have a small business or the biggest company out there; estate planning can give you a piece of mind and a shield to protect your assets. Anybody who owns a business can easily benefit from estate planning. A lot of small business owners think that it is expensive for their business and they just keep on pushing it away. A study has confirmed that more than 30% of business owners don’t have an estate plan. Having a business estate plan means covering your business-related issues according to your wishes.

Benefits of Estate Planning for Business

• Options for business – Having good estate planning can make a whole lot of a difference. Have you ever considered setting up a buy-sell agreement and taking out a buy-sell insurance policy. If you have partners in your business can you imagine inheriting one of their family members as a partner especially one that knows nothing about your business. This form of planning can proof useful especially once your business partner is no longer around. This will allow an insurance policy to buy out your partners shares paying his/her family at death leaving you their shares in the business.
• Good for long-term business – You had an idea a dream and today you own a major corporation which is super profitable. Having a good estate plan means covering the basis of who can make business and financial decisions if you’re ill or mentally incapacitated. A good estate planning attorney will consider all scenarios for the future and will include a Durable Power of Attorney into your planning to insurance while you are in the right state of mind you choose who will run your affairs if one day you’re not able to. They will also potentially set up trusts to create a layer of asset protection as well a vehicle for pass through of assets to the next generation.
• Good for tax mitigation – You built a business, you got it to be profitable and now you wish to safeguard this asset for you children and grandchildren. Your business is part of your estate and at the time of death a liquidity event occurs. A good estate planning attorney will account for this and create a legal structure to minimize your tax exposure.
• Good future planning for business – Estate planning does give you the power to choose a business plan for the future. You can pick the person who will run your business, how you wish them to operate and even mandate a holiday party in your honor once a year if you wish so. You can create strategies that the company must follow and even dictate benefits for family and co-workers. This doesn’t mean that you should as none of us have a crystal ball and can see into the future. Good planning should leave room or flexibility for adjusting to current times but none the less it’s nice to know you can control some aspects of your business even when you’re no longer around.
• Business Succession – After your death people may try to take advantage of the moment for personal gain. You may find you’re your spouse and children fighting over assets and businesses. Avoid this and take control, create an estate plan dividing and giving assets as you see fit to those that matter to you most. Perhaps you have a business that you want to leave to one child and an insurance policy to the other. Perhaps you have a vacation home that you wish to be sold and profits evenly distributed to your kids. Take control come up with a plan and have an estate planning attorney put it in writing.

Estate planning is for everyone. If you have a mom and pops liquor store or a chain of restaurants both you and your loved ones can benefit from estate planning. Estate planning can be as simple as who runs my business if I’m ill to as complicated as selling of assets and distributing money after I’m gone. It can be as simple as leaving everything in equal shares to your children to as complicated as reinvestments of assets and controlled distributions based on specific life accomplishments of your children. For example wishing your estate to distribute money necessary to cover a wedding or down payment for the first house, but not to pay for a two week vacation.

In the end, we have told you the benefits and importance of estate planning for a business. We are here to guide you with all types of estate planning queries. You can simply contact us to set up a free consultation with one of our experienced lawyers who can help you with creating a custom tailored plan. Sometimes planning an estate can be a little tricky we are here to help.

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In simple language, Estate planning is all about making plans for unforeseen circumstances during life and the transfer of your estate/property/money after your death. You must know that your estate doesn’t just include real estate, it also includes everything you have amassed during life. It can include cash, furniture, clothes, jewelry, investments in bonds, shares in stocks and even pets.

Estate Planning Goals

• The first goal of Estate Planning is to cover you during life and the potential unforeseen circumstances such as illness and dementia,
• The second goal is to assign Guardians for your minor children,
• The third goal of Estate Planning is to cover the transferring of your estate to your beneficiaries,
• The fourth goal is to create a layer of asset protection and to implement tax mitigation strategies.

Estate planning is about making a set of legal documents to cover your wishes during life and after death. A good estate plan may also include insurance policy’s such as life insurance. Life insure can help with instant liquidity for your loved ones to assist with funeral expenses and some costs of life when you are no longer around.

Estate Planning FAQ

Why do I need an Estate Plan?

An estate plan is important for every individual who owns any type of property, asset, has minor children, wishes to empower someone to make healthcare or financial decisions in the event they are unable to do it for themselves or simply enjoys having the choice of who inherits their belongings. Estate planning is also important for professionals in high risk professions such as doctors. Planning for your family creates a layer of asset protection and can help in the event of a frivolous lawsuit.

Is Estate Planning only for the wealthy?

No! Estate planning is important for everyone and anyone. A very big misconception is that only the rich or wealthy need estate planning. Do you have minor children? If something was to happen to you and your spouse who will take care of them? Are you single, divorced or widowed? If you fall sick and end up in the hospital who will be able to make any medical decisions if your unable to make them for yourself? Do you have furniture, jewelry, a baseball card collection or any sentimental artifacts that you wish to leave to someone specific? If yes, then you need estate planning!

Why Estate Planning is Important to me?

It is important because it gives you the freedom to pick what you want to do with your asset/estate when you will be gone. It is also important if you don’t want to put your families and loved ones’ security at risk after your death. For example, do you have adult children from a previous marriage that you love and care for? Can you imagine that without proper estate planning they may stand to inherit very little or perhaps nothing?

What if I don’t plan my Estate?

If you don’t have proper estate planning, then your family will be subject to an administrative proceeding after your death. Each state has a set of intestacy laws and your estate will be subject to them. This is a timely and costly process and the results may not be the same as your wishes. Under such laws the state will determine who gets what based on their relationship to you.

When is the best time to plan your estate?

Right now! What are you waiting for? Estate planning is very important, and no one can predict when it will come into play. If the concept of planning for minor children, yourself, or for your family in the event of death is not enough, then remember the costs associated with not planning are greater then those with planning. The current gift tax exemption is at an all time high and will be grandfather for those who plan now. If you suffer from dementia without a power of attorney your family will have to file for legal guardianship in order to access your finances or make decisions on your behalf, this can take 6-24 months and is costly. The cost of probate and time associated with it is the same if not greater then that of creating a Will/Trust. Planning works best when done early on!

To sum it up, estate planning is for all and it is never to early to start planning. Our experienced lawyers are here to help and offer free consultations. Everyone is different, people’s assets, age, plans, and wishes tend to differ. Call us today to schedule your free appointment and let us custom tailor a plan that best fits you.

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Now, as you might already know that estate planning is all about securing your assets for the future of your kids and the family. You have worked long and hard and now amassed some possessions but what if you die? One of life’s few guarantees is that one day we will die and there is no running away from it. Who will inherit our belongings? Will it be your spouse, children, family member, close friend or will you leave everything to a charity? The choice is your but only through proper estate planning.

What does an Estate Plan Include?

An estate plan can include a lot of elements and you must know learn more about them. It is really very important to be educated on the subject before stepping moving forward with creating your estate plan. So, here in this blog, we are going to talk about the things which an estate plan may include.

Estate planning Components

Will/Trust

A lot of us imagine a Will/Trust to be related to a person who is dying. Some also believe that a Will/Trust is only for the wealthy or those with lots of real estate. However, having a Will/Trust just means that you wish to protect your belongings and safeguard them for the person or organization of your choosing to inherit them when you are no longer around.

Power of Attorney

Let’s say you are running a small or even big company and something happens to you in which you aren’t able to run a business then what’s next? Who is going to handle your business? Well, in that case, you will need to have someone with “Power of Attorney”. You can pick that person whom you will empower to handle your finances in such an event.

Beneficiary

If you wish to have a say in who stands to inherit your belongings you must appoint a beneficiary during your estate planning. Each state has their own set of laws if you don’t appoint a beneficiary the courts will appoint them based on state law.

Letter of Intent

It is very important to have the letter of intent because that can contain your wishes which you want to tell your beneficiary. You must know that the purpose of this letter is to tell your beneficiary about your plans regarding your asset or any other instructions such as where you are to be buried.

Healthcare Proxy

It is simply like the power of attorney but with only limited power. You can see that the “Health” word is attached to it which means that the person who will be your Healthcare proxy is going to decide your health-related decisions when you aren’t able to take that kind of decision by yourself.

Guardianship

You must know that guardianship is a very important element of estate planning. It comes in handy when you want to pick someone to be your kids’ guardian after your death. Now, if you won’t pick any then the court will pick for you and that person could be anyone from your family even potentially a family member whom you don’t even trust.

A living Will

It is one of the most important components of estate planning. You must know that “A Living Will” comes in handy if you want to take care of yourself even when you aren’t able to do it. It does help in many scenarios and one of them is like falling in a coma when you aren’t able to make your decision then “A Living Will” dictates your wishes of how you wish to be cared for.

In the end, planning allows you to make decisions about your future and at times that of your loved ones. Having a plan is important. When you are ready our firm offers free consultations, come in and learn more of how you and your family can benefit from a good estate plan. Call us today to schedule your free consultation with one of our experienced attorney’s.

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Rich or poor, we all are going to die someday and nobody is going to take their estate with them, right? Now, would you want the courts based on state law to decide who is going to own your house, car, furniture, and other investment after your death? We think most believe in having a say! We believe that a proper estate plan can give you such say, while making pass through of assets a less complicated process for your loved ones. Also, keep in mind estate planning isn’t just about planning for death, it is also about planning for life and this part of estate planning most forget about or ignore.

I’m not rich, do I still need estate planning?

Yes! The biggest misconception when it comes to estate planning is that it revolves around people who have accumulated large wealth or lots of assets. When we speak to our clients about estate planning, we like to start with the basics. For example, do you have children under the age of 18? If the answer is yes, then you need estate planning. What will happen to your minor children if both you and your spouse are no longer around? Who will take care of your underage children? By creating a Will, you can designate a legal guardian for your minor children who will be responsible for their up bring and welfare if you are no longer around. Don’t you want to have a say in who that person will be?

Rich or poor be it a savings account with 20,000 dollars in it or 3 brown stones that you own planning for life is important. Estate planning is not just about pass on assets to the next generation but also who will be able to make medical or financial decisions on your behalf you are unable to do it for yourself? In a good estate plan, there is something called a healthcare proxy which allows the person of your picking to make medical decisions on your behalf and a durable power of attorney which allows a person to make financial decisions on your behalf. If one day you start to suffer from dementia don’t you think having these documents in place will be helpful?

If I am not wealthy what are the benefits of me having an estate plan?

We know that this above-mentioned question crosses a lot of people’s minds. A lot of people say that they aren’t rich or wealthy, they don’t have any estate, and they don’t have any property so why do they need estate planning? You must understand that planning for the future is very important. In life there are lots of unforeseen circumstances, hopefully with a good estate plan you will be able to cover and plan for some of them.

• By creating a Will you can appoint a legal guardian of your choosing for your minor children,
• By creating a healthcare proxy, you can empower someone you trust to make medical choices on your behalf in the event you are in a car accident or with age suffer from dementia and unable to make such decision on your own,
• By creating a durable power of attorney, you can empower someone to make monetary decisions on your behalf if god forbid one say you suffer from stroke or become mentally incapacitated and can’t make them for yourself.
• By Creating a Trust, you can create an extra layer of asset protection safeguarding that which is yours for your loved ones.

As you can see estate planning is important for all and not always is estate planning about sizable assets or wealth. We can choose who, what, where, when and how our estate is distributed and utilized in the future, today. Don’t you believe you are entitled to a say? Call our office today to set up a free consultation with an experienced lawyer to see how estate planning can best benefit you and your loved ones.

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