What is an Estate Plan?
Estate planning is all about protecting your loved ones. An estate plan is a collection of tools that let you preserve your legacy and your family’s future when you pass. It allows you to determine how your assets will be held, managed, and distributed after your death or if you become incapacitated.
An estate plan has several benefits, including protection from the costly probate legal process, fewer transfer taxes, and the ability to pass on—and protect—your wealth.
Many people believe you have to be wealthy to justify an estate plan. This isn’t true. You might be surprised by how many tangible and intangible assets you have that warrant protection.
What Assets are Part of an Estate Plan?
In the estate planning process, your assets and property make up your estate. The help you will likely protect with your estate plan includes:
- Real estate property and land
- Vehicles
- Collectibles such as fine art, antiques, or coins
- Checking and savings accounts
- Stocks, bonds, and mutual funds
- Life insurance policies
- Retirement plans, IRAs, or pensions
- Health savings accounts
- A business
Estate planning is all-encompassing protection for your assets. It guards your wealth against seizure, creditors, taxes, and other losses. If you are considering an estate plan, contact our legal team to discuss the benefits and advantages of estate planning: (516) 203-1700.
Isn’t a Will Enough?
A will is an essential legal tool that dictates where your assets should go after you die and to whom. It also lets your family know if you have special wishes or considerations, such as funeral arrangements. It will only go into effect after you die.
An estate plan, in contrast, offers broader protection for your belongings and property. A will is part of the estate planning process.
Wills, as a standalone legal document, are subject to probate court. With only a will left behind, your family must go through probate court to ensure your choice is valid before they release any of your assets.
Your estate could be challenged in court with more complex estates, a vague will, or no will.
How Can an Attorney Help Me?
Planning for your future can be an emotional and overwhelming process. An attorney with experience in estate planning can assist you in the creation of an estate plan and help you make big life decisions along the way.
This includes creating a will and determining your final wishes, selecting guardianship designations, power of attorneys, and healthcare directives, as well as creating a trust.
Our legal team can help your family avoid probate, save on estate taxes, and protect your medical choices and your family’s future with an estate plan. Get your future affairs in order today and speak with our law firm today: (516) 203-1700.
