Time for a Little Peace of Mind, Time for Estate Planning

Accordingly, it is always a good time to consider how to properly plan your estate so that your family is protected when you pass away. To do that, your first order of business is to contact an experienced estate planning attorney. With the guidance of a seasoned professional, you will be well on your way to gaining valuable peace of mind.

At Trusts & Estate, our estate planning attorneys in Brooklyn have helped many clients organize their assets, liabilities, and estate obligations as well as advise on tax consequences related to gifts, trusts, and other wealth transfers. We at Trusts & Estate are the estate planning lawyers in Brooklyn who care deeply about ensuring that you have planned for your family.

In this article, we will cover some of the basics of estate planning so you can begin thinking about the important matters you need to consider. If, after reading this, you have questions about your own circumstances, call the leaders in estate planning in Brooklyn.

You need to be sure to draft a will that makes it clear what your wishes are with regard to the distribution of your property, financial assets, and valuables. Also, your will is where you can specify your desires with regard to guardianship if you have dependents or minor children.

After making the above decisions, you then need to identify who should handle the administration of your estate. That person is normally known as the “executor” of your will. He or she has the responsibility to manage the distribution of your estate, including inheritances and paying off lenders or others.

Of course, using an estate planning attorney here in Brooklyn is the most efficient and easiest way to get through this process.

In addition to, or as an alternative to, a will is something called a “trust.” We commonly refer to trusts as “trust funds.” A trust holds assets for beneficiaries and distributes them based on the specifications you set. You also need to appoint a “trustee” to manage the trust according your specifications. So, after you pass, you can have the trustee maintain control over the funds for young beneficiaries or those whose financial sense has yet to mature, or distribute the funds based on certain milestones, like graduation or marriage.

One of the many things we all take for granted is good health and the ability to make medical decisions relevant to our future. However, you never know what life has in store for us. So, preparation is key to having our wishes carried out during crucial and often emotional moments. Those wishes are carried out through appropriate health care directives.

There are various types of health care directives to consider such as:

• An advance health care directive allows you to make clear your medical wishes in advance in the event you are incapacitated and cannot make decisions for yourself.
• A living will is similar to an advance health care directive except that it does not include a power of attorney.

It would be wise to take time to thoughtfully consider under what circumstances you would want to receive medical care such as CPR, artificial life-sustaining equipment, and other medical procedures.

A financial power of attorney permits a person you designate to make decisions on your behalf so that the household finances or other important financial matters do not fall into disarray. There are generally two kinds of powers of attorney. One type takes effect immediately, called a durable power of attorney; and one takes effect only if there is a qualifying event, such as incapacitation, which is known as springing power of attorney.

A seasoned trusts and estates attorney can help you identify and create a power of attorney document that will remove from your family the burden of uncertainty.

Your family’s security is paramount. Be sure to work with an experienced estate planning attorney to ensure that your family’s financial future is safe.

The qualified estate planning attorneys at Brooklyn’s Trusts & Estate understand all of the legal, practical, and emotional considerations that come into play when making estate decisions.