3 Things That People Underestimate About Their Estate Plans
The biggest misconception about estate plans is that only rich people and those estranged from crazy, vindictive relatives need them. Estate planning is not just about writing a will and people fighting about it during probate. It is also not just about establishing a trust so that your spoiled children can continue living like the rules don’t apply to them, just like their parents did. Estate planning is about preparing for things that happen to everyone, such as, quite literally, death and taxes. The purpose of your estate plan is not to bribe, bargain, or life hack your way out of the inevitable. Instead, the goal of estate planning is to make the bureaucratic hurdles that people must clear when the inevitable happens to their close relatives less burdensome. The goal is to reduce stress and expense for you and the people close to you in the event of your serious illness or death. For help finding out how much of your estate plan is already in place and how much work you still need to do, contact a Bronx estate planning lawyer.
How Much of Your Estate Plan Is About Stuff That Takes Place Before You Die
Estate planning lawyers do not work miracles; they cannot find a rich retirement for you if you lived paycheck to paycheck during your working years. They can, however, keep your finances from going into a tailspin because of age-related illnesses. For example, simply buying long-term care insurance can make the difference between whether your children inherit your most assets or whether you burn through your retirement savings paying for medical bills and nursing home care, and your estate settles insolvent, leaving nothing for your family to inherit.
Everyone knows that money is not the most important thing that keeps families together. An advance directive, explaining your wishes about consenting to medical treatment when you are too ill to voice your consent, is just as important as any financial agreement.
How Much Work Probate Is for Your Spouse and Children
Every personal representative of a deceased person’s estate has the right to hire a probate lawyer to represent them. If you craft your estate plan carefully enough, your family might not need to, even though they might choose to hire your estate planning lawyer or a different one to help them with the probate of your estate. If you know that your family is not up to the task, whether because they live far away or have health problems, or because administrative matters stress them out, you should designate a lawyer as personal representative in your will.
How Much Probate Costs
If you have debts, as almost everyone does, they can follow your estate to probate. Creditor claims can easily eat up a large portion of your estate, or even the whole thing now. The best solution is to deal with your debts now, as best you can, and to keep assets out of probate.
Schedule a Confidential Consultation With a Bronx Estate Planning Attorney
A probate lawyer can help you craft a realistic estate plan for the family and property you have. Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.
Source:
ag.ny.gov/sites/default/files/advancedirectives.pdf