Estate Planning 101 – What You Need to Know

Estate Planning 101 - What You Need to Know

Estate planning is an essential part of your life. It will ensure that your family’s assets will be adequately cared for. You can start by creating a will, appointing a power of attorney, and updating beneficiary designations.


Find an estate planning lawyer

An estate planning New York lawyer can help you plan for the future. They can help you avoid mistakes and make the process easier. A great way to find an estate planning lawyer is to ask around. You might know someone who has been in the same situation and can recommend a reputable lawyer. Also, you can look for reviews online or at an organization that provides referrals. When hiring a lawyer, look for a firm specializing in estate law. This will ensure that your lawyer is well-versed in the laws of your state. It is also a good idea to interview your potential lawyer. A reputable estate planning lawyer can offer you a free consultation. This can give you the information you need to hire them.

Update beneficiary designations

To create an estate plan, consider updating beneficiary designations. It’s a straightforward process that can help you to protect your assets. Beneficiary designations should be updated for your financial accounts and investment products. They should also be checked periodically. As you go through life, your circumstances may change. A valid beneficiary designation ensures that your assets go to those you intended. One of the most important things you can do for your estate is to update your beneficiary designations. You’ll want to ensure that the most recent appointment can transfer your assets to the right people. After a significant life event, such as a marriage or the birth of a child, you should ensure that your beneficiary designations are up to date. This will avoid any unnecessary probate complications.

Create a will

Creating a will is one of the most important things you can do for your family after death. Not only does it allow you to choose who gets your assets, but it also helps to reduce the time and expense involved in probate court. Writing a will can seem daunting, but it is easier than most belief. Several services and products can help you make your will. These include packaged will-writing programs, online will-writing services, and will kits. Depending on the state, there may be different laws concerning estates and wills. It is best to consult with an estate attorney to ensure that your choice is legally compliant. Whether creating a will for the first time or updating an existing one, it is a good idea to review it regularly. Studying it can also give you a chance to change your wishes.

Appoint a power of attorney

A Power of Attorney is a document that grants another person the authority to act for you. This may include financial transactions, insurance, banking, and real estate. It is essential to review your power of attorney regularly. It would be best if you chose a trusted advisor. Having the right attorney can make the process much less stressful. Before appointing an agent, you should ensure they understand what they are doing. The POA should only give you the power you need.