Why is Estate Planning Important if you Live in NYC?
Do you have a plan in case of sudden incapacitation or death? Perhaps, you are thinking about the people who can manage your assets. If you want to assign a person or a group of people to handle your belongings, an estate plan can work for you.
Estate planning is slowly growing in popularity. However, many people are unaware of its existence and overall importance. For example, people living in NYC might not be familiar with estate planning and its benefits. If you are wondering what estate planning is about, you have come across the right article!
What is Estate Planning?
Before we discuss the benefits of estate planning, let us share what it is about.
An estate plan assigns the proper receiver of a person’s assets. It focuses on helping a beneficiary receive a person’s belongings by making an efficient asset transfer. Estate planning also assists incapacitated individuals in assigning their holdings to an able person. Their heirs can manage their assets while they are still alive.
Estate planning allows a person to plan ahead of time. If they suddenly perish or become immobile, they can assign a person, guardian, or beneficiary to look after their belongings. If you live in NYC, you can contact an NYC estate planning attorney who can help you create an estate plan. It will be easier for you to learn about estate planning with the guidance of an estate planning attorney.
When creating an estate plan, a person should do it properly. It is why we recommend getting professional assistance like an estate planning attorney. Furthermore, if you suddenly perish or become immobile, an estate plan prevents transferring problems. For instance, the government will handle the asset transfer without an estate plan. It can go to a friend or someone you do not know instead of your loved ones.
An estate plan also lets you assimilate all your assets. Once you know the importance of each investment you have, you can then assign a person for their proper management. Estate planning will also prevent family disputes from occurring.
Another benefit of estate planning is handling your retirement and the decades to follow. An estate plan allows adequate resources for your medical and personal needs. Your estate plan can also cover the allotment of finances for providing you with long-term care.
Importance of Estate Planning
Estate planning, if done correctly, focuses on not only beneficiaries but also the grantor. While dividing your assets to a person’s beneficiaries, there will be many concerns. Aside from that, creating an estate plan prevents you from encountering problems involving your financial well-being.
If you are on the cusp of retirement, preparing an estate plan is an excellent method. First, you can select any person who will manage your assets after retirement. Furthermore, an estate plan can cover the assignment of finances for your long-term needs, such as personal and medical care.
A person’s assets are their land properties, investments, vehicles, jewelry, and bank accounts. Once you become immobile or pass away, it will be hard for people to track who will receive your assets. It is why we recommend creating an estate plan. An estate plan lets you strategize who receives your assets while ensuring they avoid disputes.
Estate planning is not only applicable to people who perish. A person who creates an estate plan will be knowledgeable about all the assets they own. It will be easier for them to select an heir or beneficiary. If they become incapacitated, an estate plan ensures the proper disposition of assets to the right person.
An estate plan allows a person to control the transfer of their assets to an heir or beneficiary. It can cover the allotment of finances for their basic needs and long-term care. An estate plan also applies to immobile people who want another person to handle their assets.