It is always important for an owner to look after their worldly possessions and whilst some aspects such as money may be affected by some issues like tax and age, most of the time, an individual would want to make sure that these are properly maintained and protected both at the present time and in the future. This is the reason why some wealth manager experts recommend Queens, NY Estate Planning. This means that an individual should think about what they are going to do with everything they own in the future. It may mean that they formally or legally designate tasks to people that the owner trusts to be capable of managing their wealth well and distribute it accordingly to the people who deserve it.
Estate planning involves several processes such as creating a will and a testament, setting up specific funeral arrangements in case the owner dies or setting up medical arrangements in case the owner become severely ill. It may also include identifying the direct beneficiaries and an executor to the estate.
- At first, planning about what is going to happen to an estate may seem just as easy as jotting down a plans on a piece of paper. But it is not. There are actually a lot of things that an individual would need to consider in estate planning. The first thing that they have to consider are the elements that are involved in effective estate planning such as If they would like to write a will. It may also require having to assign the power of attorney and a living will or a health care proxy.
- The planner would also have to consider the federal laws and estate laws that affect the estate. The owner should also be mindful about what rights the government may have in case they prove that a will is invalid or if they have not paid the right taxes.
- One suitable way to start estate planning is perhaps by making an inventory of everything that the owner owns including any taxes from their biggest investment, any retirement savings and business interests. It’s important to remember that everything has to be documented.
- The estate owner should also consider discussing their plans to their heirs or beneficiaries in order to avoid conflicts after the individual has died. They should discuss the responsibilities they have and the reasoning for giving them that amount. Then the owner would also have to consider the federal tax exemption because it changes regularly and it could have an effect on the estate planning process.
- They would also have to choose a lawyer and other officials’ professionals that would make sure that any documents produced are legally binding and that the wishes of the deceased are carried out once they have passed away.
All in all, estate planning is very important to make sure that things end up exactly the way the owner of the estate has planned them. That way, everything is legally sound and it would ensure that the family of the deceased can remember their relative fondly and happily.
Sharing Information With Your Estate Planning Attorney
When you finally decide that it is time to make your estate plan you will have to schedule a meeting with an estate planning attorney. There will come a point when the conversation with your Queens, NY Estate Planning may get uncomfortable or personal and you feel that you should not reveal everything and hold some information back. Deciding to hold back information could jeopardize you’re the plan for your estate though. Your estate plan is only as good as how much you share with your estate planning attorney.
This means that your attorney can only make a plan with the information they are given. The attorney makes the plan for your estate based on the goals of the client and the facts the client chooses to share. If there are goals that the client has for their plan, but refuses to share then the attorney might not be able to make a plan to achieve those goals. More often there are facts the client will hold back out of fear of shame or discomfort that can dramatically alter the plan. Family problems or personal problems of potential heirs must be shared with the estate attorney to make sure the best estate plan is made. If a child has an addiction problem, it may not be something you want to share with everyone, but it is something that must be shared with an estate planning attorney to protect that child’s potential inheritance and their wellbeing. Estate planning attorneys are most likely going to rely on information that is provided to them by the client in making a plan, and not do any independent investigation of the facts.