Regardless of how old you are, the topic of death and finite mortality can seem quite overwhelming to think about. Most people shy away from the conversation as existential crisis induces anxiety, unlike any other.
However, despite the morbidity and unpleasantness around the topic of death, it’s still an important discussion to undertake. Planning for your future, especially when you have people to care for can make things easier for them and you.
Estate planning in Brooklyn will allow you to have peace of mind knowing you have secured your family’s future. When you’re not around to take care of them, your estate plan will simplify decisions for them.
When to start estate planning?
A will attorney in Brooklyn will answer as soon as possible. There is no age-limit for estate planning. If you’re an adult with substantial assets, estate planning in Brooklyn is right for you.
However, it’s not uncommon to find people who got a late start in life and neglected the need for estate planning. This doesn’t mean you can’t find a will attorney in Brooklyn now and draft a will or trust document to manage your assets.
It’s not only your eminent passing away you need to plan for. Having an estate plan in order is also a proactive step to make sure you are provided for if you become incapacitated mentally.
Here are some steps that you can take to have your affairs in order:
Drafting a Will
Out of all estate planning options, a will is one of the most popular and simplest forms of estate planning. These documents are effective in naming your assets and your instructions pertaining to their inheritance.
A will is relatively easy to prepare and doesn’t cost more than a few hundred dollars. Although many people take DIY their wills, working with a will attorney in Brooklyn is a much better way to approach estate planning.
Working with a professional is a better option as it gives you a way to deal with complexities you are not educated on. A will attorney provides unbiased guidance when complicated family situations or unusual estate is involved.
Wills can be made very simple, explaining your intent to leave everything to your children in equal shares. You can also make it as detailed as you want, naming beneficiaries to inherit specific assets. If you don’t have children, you don’t have to leave anything to your family.
Besides asset distribution, you can use the will to name a guardian for minor children when a second parent isn’t there.
Living Wills
Living wills are not exactly like regular wills. These are legal documents that contain your instructions for your healthcare proxy to act upon in case you’re on life support. They address various medical interventions and posthumous decisions.
Healthcare Proxy
With old age, incapacity is a possibility. It’s not a savory thought but in case you do suffer a mental disability that leaves you unable to make medical decisions, a healthcare proxy can. This document names one person as the authority to act on whatever you put in your living will.
Durable POA
Along with medical decisions, incapacity also impacts your ability to make financial decisions. A durable power of attorney can take care of your financial matters during your incapacity.
Depending on your particular needs, your will attorney in Brooklyn will help you determine which documents you need, along with your will.
Set up a trust
When you hear the word trust, you might imagine a rich business tycoon or millionaire. However, trusts not the province just for the wealthy. Being a senior, a trust can be beneficial for you, especially an irrevocable trust.
Trusts are legal estate planning tools that can hold various types of assets under their ownership for your beneficiaries. Whether you name family members or other entities such as a non-profit, you name a trustee to manage the assets in the trust.Compares to a will, trusts provide more control over assets. They are also less likely to go under probate publically.A will attorney in Brooklyn is also likely to specialize in this area of estate planning as well. They can help you sort out your beneficiaries and find the right kind of trust based on the nature of your assets.
Revocable vs. irrevocable
Trusts are divided into two main categories, irrevocable and revocable. With revocable trusts, you are able to make changes and act as a trustee as long as you are alive and competent.
Irrevocable trusts are quite the contrary. Once you sign the papers, your assets are transferred under the trust’s name, limiting your ability to make changes.
Medicaid trusts
Since we are discussing estate planning in Brooklyn for the elderly, Medicaid trusts are important. These irrevocable trusts will allow you to secure some assets while still being able to qualify for Medicaid.
Facing the music of estate planning
The abovementioned information explains the major options you have to sort out your assets. Regardless of how old you are or whether you’re living in a nursing home, it’s not too late to come up with a plan.
Get help from a will attorney in Brooklyn to help you figure out the details as there is much more that goes into estate planning. Once you get the help you need, you’ll be able to rest easy and enjoy post-retirement life without worrying about your estate.
