BROOKLYN ESTATE PLANNING ATTORNEY
Planning for the future over your medical and financial affairs is a necessity. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles.
These plans can only be presented, documented and implemented in wills and testament, living trust, revocable or irrevocable trust, advance medical directives and lastly financial power of attorney (power of attorney). An estate planning lawyer is all you need to make file the appropriate document and to also ensure the legal implementation of these plans.
Planning now for the future with an estate lawyer would never be regretted. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. No matter you current financial situation, making appropriate plans now to protect your finances and assets is important. Consider the following cases and see if you fit into categories; you own and manage one or more businesses, you have minor children or you don’t have any children, you have a disabled family member, or you have one or more health issues, you are married, divorced or in a second marriage etc. any of these above mentioned cases requires you put into place your estate plans. Consequentially, you need the essential legal documents to ensure you are covered. Contact a Brooklyn Estate planning lawyer today.
How estate planning help you protect your estate and finances
Estate planning is a process of making many important decisions and plans over your future and that of your loved ones. Estate plans, concerns what happen to your assets, finances both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
Through a number of documents, you can save your finances and prevent them from been ruin. Although it is advised you consult with a Brooklyn estate planning attorney to help you with the appropriate document inclusion.
Will and Testament: this is one of the ways you protect your finances and assets and ensure they get to your loved ones or desired beneficiary. A will contains a detailed list of instructions as to how your asset or finances should be shared after you die. It may also contain provision for appointing a guardian for your children. This only applies in cases of minor children.
Trust: Trust are important additions to your estate plans. They usually contain more advance details than wills of how your assets or finances are handled. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Although, trust are in various forms and as such may require knowing the right documents and the legal procedures to filing this documents. Examples of various trust are irrevocable living trust, revocable living trust, family trust, etc.
A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after his death. One major importance of a revocable living trust is that, it helps to prevent probate.
An irrevocable trust is a trust document that is filed, established and implemented while the trustier is still alive. This type of trust are irrevocable and are permanent so that the trust once funded is no longer in the possession of the trustier. Although, they are several reason to consider an irrevocable living trust as part of your estate plans:
- Legality and permanency
- Prevents excessive taxes on assets.
The process of filing the suitable documents for your estate plans may be well complicated, however, consulting with a Brooklyn estate planning attorney would give you the edge you need on your estate plans.