After reading a survey that was carried out by one of the major research firms in the New York City, I was amused to discover that most people do not have the correct information regarding estate planning. If you are reading this article, do you know what estate planning is? Let me enlighten you. Estate planning is the procedure of arranging for the appropriate way to disperse personal assets in case of any eventuality such as death. Estate Planning NY experts have today argue that the process is crucial because it helps you to preserve and protect your legacy and assets for the loved ones. Here are some of the facts about estate planning.
Estate planning is not for the affluent only
If you own anything, the government considers it as your estate, which includes both intangible and tangible assets. The tangible assets include anything that you can touch such as a car, clothes, and houses, while intangible assets cannot be touched such as checking account and IRA. All these assets require planning to make sure that they are dispersed fairly to the heirs indicated in the will or the living trust. Before you commence estate planning, it is advisable to make the process easier by engaging the commercial litigation experts. They can also be of great help in case a dispute occurs in future.
Very many people do not plan
Most people put off the idea of estate planning because they think that it is too early to do it or are not old enough. Sometimes they are not sure of whom to indicate on their will. Estate planning NY experts have today advises that this is risky because anything can happen and you leave the burden of estate planning to your loved ones and family members, which might not be an easy task to them.
An estate plan begins with a living trust or a will
A will is crucial because, even though it does not prevent a probate, it offers appropriate instructions of what should be done if someone dies. All assets under your name must undergo through the probate process before the heirs can legally win them. It is because of this reason most of the estate litigation NYC experts have today prefer revocable living trust. A living trust avoids the court to take over the control of your assets in case of sudden death. Whilst acting as a reflection of your love to your family, a revocable living trust offers maximum privacy, and it is legal in all States. More details at Neufeld, O’Leary & Giusto.
Estate planning gives you peace of mind
The estate planning process might be a daunting task especially if you own many assets. However, to get a solution to this, you can seek the services of Estate Planning NY lawyers have today. Doing so will offer you peace of mind because they will guide you through the whole process. When you are sure that you are prepared for any eventuality, you live a less worrisome life. It is not good to delay until you reach a point that you can no longer make decisions. Plan something now, and you have a chance to change it later. This is how estate planning should be done. You can visit http://www.noglaw.com/business-formation-and-representation/ if you still want to learn more about estate planning.