BROOKLYN ESTATE PLANNING LAWYER
Planning you estate does not only get you covered and give peace of mind, it is as well a form of protection for your family, loved ones from financial decline and asset loss. Estate planning is a process of making many important decisions and plans over your future and that of your loved ones. Estate plans, concerns what happen to your assets, finances both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
The process of estate plans starts from valuing your properties and estate. To do this, you need to establish the value of your assets like homes or any other property, money and savings, shares and investments as well as any of your other possessions. Liabilities and debt should be however deducted.
No matter you current financial situation, you should contact a Brooklyn Estate planning lawyer today, to make appropriate plans to protect your finances and assets. Consider the following cases and see if you fit into categories; you own and manage one or more businesses, you have minor children or you don’t have any children, you have a disabled family member, or you have one or more health issues, you are married, divorced or in a second marriage etc. any of these above mentioned cases requires you put into place your estate plans. Consequentially, you need the appropriate legal documents to ensure you are covered.
A Brooklyn Estate Planning lawyer is all you need.
Rather than plan your estate alone, why not contact an experienced estate planning lawyer. This will save you from simple, but yet costly mistakes, which could cause a whole lots of trouble for you and your family. Asides from the Last will and testament which is a will based estate plan with a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children.
Other essential documents are:
Living Trust- this is one of the most useful document you should possess in your estate plans. It forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable. Trust are in two major forms and as such may require knowing the right documents and the legal procedures to filing this documents. Examples of various trust are the irrevocable living trust and revocable living trust.
A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after his death. One major importance of a revocable living trust is that, it helps to prevent probate.
An irrevocable trust is a trust document that is filed, established and implemented while the trustier is still alive. This type of trust are irrevocable and are permanent so that the trust once funded is no longer in the possession of the trustier.
The revocable living trust, however, ensure that your assets are within your control at any time. Even when you get mentally incapable to handle your business, you can use this document to appoint a desired trustee.
With this two document, you can protect your finances and assets
Both have key importance, however, consult with a Brooklyn estate planning lawyer to plan of on the suitable trust for you.