A will isn’t just for the rich and wealthy. Regardless of how much or how little a person has, a will ensures that whatever personal belongings and assets one has goes to the family members or beneficiaries that they have designated. Whether it’s a single adult, single parent, a person married with children or an older adult with an empty nest, it should be a priority to start an estate plan today. Estate Planning and Wills Lawyers Nassau County NY can create an estate plan, and here’s why.
Decide Who Will Handle Affairs
Choosing an executor will ensure that all of a person’s affairs are in order. This includes paying bills, canceling credit cards, notifying the bank and other business establishments. Since this person plays a big role in the administration of an estate, it is important to pick someone that is honest, trustworthy and organized. This doesn’t necessarily have to be a family member.
Take Care of Loved Ones
An estate plan includes a will. This is how parents name legal guardians to care for minor children and adult children with special needs should something happen. Those parents that don’t make these decisions while they are able should understand that the state will make them instead when the parents pass away.
Control and Distribution of Assets
Using a will and trust, an estate planning and Wills Lawyer Nassau County NY can ensure that an individual controls their property now, and distribute it to the people, charities or institutions desired in the timeline established. An experienced trust and estate attorney will help their client achieve their goals.
Take Advantage of Tax Law Changes
Estate planning allows a person to take full advantage of recent and continuing tax law changes involving federal tax and estate laws. The attorney will help maximize their client’s assets while minimizing the tax liability.
Avoid or Shorten Probate Delay
Probate can be a drawn out and costly process. When a person has done estate planning, including life insurance, joint ownership of property, annuities, and due on death clauses, they save their loved ones the delay and expense of regular probate.
Those that are ready to discuss estate planning can turn to The Law Offices of Peter Morra. They have been providing professional legal services in the New York area since 1995. Contact them today to get your estate in order. To get additional information visit the site.
