Estate Planning: What It Is and Why You Need It Now

A Legally Sound Estate Plan

Anyone can benefit from creating a legally sound estate plan. Everything you own and control, such as bank accounts, vehicles, and personal belongings are part of your “estate”.  Areas covered by an estate plan include your personal health care decisions, protecting your assets from long-term skilled nursing care costs, leaving instructions for the benefit of minor children, managing complex financial assets, and tax planning for future generations.

A legal estate plan provides protection for your family and finances after you die, and minimizes the difficulty, taxes, and court involvement that may otherwise be needed. There are many reasons to contact an experienced estate planning attorney, including:

  • If you can’t decide how to divide your assets.
  • If you want to make special provisions in your will.
  • If you have detailed requirements about how your estate should be handled after your death.
  • If you want to specify individual possessions in your will.

Putting together a complete estate plan includes thinking about unexpected situations such as divorce, having a medical condition that makes you unable to take care of yourself, what happens if one spouse dies before another, and much more.

Writing a Thorough Will

One of the first steps in estate planning is to write a thorough will. Who will take care of you and manage your finances when you are sick or unable to take care of yourself? Who will get your house, your money, and other assets when you die? These are the types of decisions you need to put in writing now and it needs to be legal. If you pass away without leaving specific instructions regarding your assets, properties, and health, someone else (and possibly the courts) will have to make these decisions for you. By having a proper estate plan, you have greater control over what happens to your estate and will provide your loved ones with more reassurance and peace of mind when they need to handle your affairs.

Parisi, Coan & Saccocio, PLLC can help you choose the correct type of will and ensure that it considers all the important factors such as current estate taxes. insurance issues, and other aspects that will help move things easily through the probate process, the method how your estate is legally transferred after you die.  Our legal experts will assist you in preparing the appropriate documents for your situation and ensure that they are legal for the state of New York.

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