Essential Factors of Estate Planning

One of the most important things a person can do for themselves, their future, and their family is to create an estate plan. Estate planning is an essential part of everyone’s life, even though many people try to avoid it because they don’t like thinking about the future after they pass. However, being prepared for the future can help ensure you that if an unexpected event happens, your wishes are carried out exactly how you’d want them. There are several different parts of an estate plan. They include the following:

  • Wills A will allows individuals to detail exactly what they want to happen to their assets upon their passing. The individual who creates the will must designate one or more beneficiaries to their estate, as they wish.
  • Trusts A trust allows an individual to pass assets outside of Surrogate’s Court and also pay fewer taxes on the asset. There are several different types of trusts that an attorney can discuss with you.
  • Health Care Proxy One way to establish directions for your end-of-life care is through a Health Care Proxy. You can make decisions regarding life support, organ donation, and more.

If you need assistance getting started with your estate plan, contact an experienced estate planning and administration attorney who can provide you with assistance.

If you require compassionate and knowledgeable legal guidance for a matter of divorce, family or estate law, please contact the experienced attorneys at the Law Offices of Cynthia L. Hanley today.