Thebalance.com offers some important guidelines for creating your Estate Plan in their article entitled “A Crash Course in Estate Planning,” which is linked below. An Estate Plan can consist of numerous combinations of documents, commonly including a Last Will & Testament, a Living Will, a Power of Attorney, a Health Care Proxy and can have a variety of Trusts. However, your individual needs directly influence which documents you may need to protect your assets, so your Estate Plan may consist of less documents, or possibly, more. It’s important to ask yourself several questions before planning your Estate Plan, and the article lists 7 they found to be most relevant:
What is the purpose of an estate plan?
Which taxes affect an estate?
How is your property titled?
What is a revocable living trust and do you need one?
What are the options for paying your beneficiaries their inheritance?
What are the essential estate planning documents?
How often should you review your estate plan?
Once you understand what each of these questions means and entails, your next step should be to seek the advice of an attorney in coming up with a legally sound answer that encompasses your wishes. The last thing you want to do is have your assets wasted in Probate Court or leave a family member or loved one in a financial mess.
Danna & Associates, PC has specialized in Estate Planning and Elder Law for over 25 years. Combining these fields of law has given up ample experience and knowledge in creating the perfect Estate Plan for you. Call 718.273.0300 for your free consultation today!
Click here for the article!