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Do you have a basic understanding of estate planning?

On Behalf of | Aug 9, 2018 | Estate Planning | 0 comments

As New York readers know, there is significant benefit in having a strong estate plan. You may understand that it is important to plan for the future through certain estate planning tools, but you may not be sure what that means or how you can do this for yourself. Like many others, you may benefit from a basic understanding of what estate planning means and what it entails.

The foundation of any good estate plan is a strong will, but there are many other things you can include in your plan to suit your needs and objectives. From setting aside assets for the care of a family member to planning for medical care in the future, a thoughtful estate plan can give you great confidence and security regarding your long-term interests.

What can you accomplish with your estate plan?

Some people mistakenly believe they do not need an estate plan because they are too young or do not have enough wealth to justify the effort. In reality, it is never too early to draft an estate plan, and people of all ages, health statuses and income levels can benefit from the protections it provides. Some of the things you can do with your estate plan include the following:

  • Decide whom you want to inherit your property and assets after you pass away
  • Plan for the care of your children in case of your unexpected death
  • Outline what medical care you may want in case of incapacitation
  • Reduce taxes associated with your estate after your death

These are just a few of the things you can accomplish with your estate plan. If you have specific goals or concerns regarding your beneficiaries, you can custom-tailor terms to address these needs. No two estates are the same, and no two estate plans should be the same.

The importance of quick action

No matter your age, you can benefit from having strong legal guidance on your side as you draft a comprehensive plan to suit your needs. Your estate plan should address your real estate, bank accounts, long-terms savings account and much more. It is beneficial to be thorough and specific.

If you have an estate plan, it is important to update these plans on a regular basis after major life events, such as divorce, remarriage and more. Whether you are starting from scratch or you want to update your existing plan, it can be beneficial to start with a complete evaluation of your case.