The possibility of passing on isn’t something anyone enjoys dwelling on, but it’s essential to have a plan in place for loved ones after a passing. Without any sort of planning beforehand, an unexpected tragedy can introduce a lot of complications for those picking up the pieces and attempting to move forward. Luckily, an experienced law firm like Elder Attorney Services Long Island can help you ensure your intentions are carried out once you are gone.
What is an Estate Plan?
Estate plans are all the instructions outlined for all of one’s possessions after they are gone. In addition to providing instructions for real estate, transportation, life insurance and personal items, an estate plan can also include financial planning for final expenses and burial preferences.
Why is Estate Planning Important?
In a recent blog post, we outlined the hiccups you can run into down the road if you procrastinate your estate planning. In addition to avoiding these dilemmas, you’ll also receive these benefits by getting your estate planning documents in order:
- Choose Beneficiaries. Getting your estate planning documents in order now allows you to select who you would like to take care of after you move on. Naturally, this offers a lot of peace of mind for your loved ones’ futures. Equally important, a well-outlined estate plan will prevent any disputes from taking place during the grieving process.
- Avoid Probate. When estate documents are not in order, probate occurs. Rather than following a plan that you crafted, a local court will divide your assets. There is still a chance that these assets will end up with your loved ones, of course, but this process could end up being much lengthier than simply executing an estate plan.
- Reduce Taxes. A thorough estate plan that includes trusts can ensure that what you leave behind isn’t largely compromised by federal and state taxes.
What is Included in an Estate Plan?
- Advanced Directives
- Wills
- Trusts
- A Durable Power of Attorney (DPA)
- Healthcare Power of Attorney (POA)
- Beneficiaries
- Letter of Intent
- Life Insurance Information
Get Your Estate Planning Documents in Order with Elder Attorney Services Long Island
We offer a complete range of long-term care, elder law, estate planning, Medicaid planning and asset protection services. Our goal is to prevent problems before they occur, and we work with hundreds of families to develop care options that work for their goals and budgets. For a free 15 minute consultation, contact us by calling (516) 274-9103 or visiting our website here.
