Smithtown estate planning attorneys at Mark S. Eghrari & Associates, PLLC are here to help you make plans for your future. The compassionate and knowledgeable attorneys on our legal team work closely with you to determine the type of legacy that you want to leave behind and to use the right legal tools to ensure you can provide for your family and protect the assets you care about. We can also help you to be prepared to address end of life issues and to ensure that things go as easily as possible for you and your loved ones if you get sick or seriously hurt.
Many people misunderstand what estate planning attorneys do or don’t really fully understand what is involved in the estate planning process. Your best option is to reach out to our firm to speak with Smithtown estate planning attorneys who can provide you with personalized one-on-one advice about your specific situation. However, if you are not ready to begin working with an estate planning lawyer yet, read on to find out five key things that attorneys in the estate planning field want you to know.
Estate Planning Isn’t Just for Wealthy People
Many people believe creating a comprehensive estate plan is only important if you have tons of assets to hand down. That isn’t true, though. Even if you don’t have a fortune, you still want to determine who inherits your hard-earned assets and you still want to take control over your estate so your family doesn’t end up fighting about your money and property after you are gone. Because the probate process can be expensive, it is also important to make an estate plan even if you don’t have a ton of assets as you don’t want the wealth you do have to be lost to probate fees.
Estate Planning Isn’t Only for Old People
While you may think you have endless time to make an estate plan, there is never any guarantee how long you will be around or be of sound mind and able to express your preferences. You should not put off the estate planning process because if something happens to you before you have plans in place, you will forever lose the chance to control the legacy you leave behind. Estate planning can actually be especially important for young people who may be caring for minor children and who need to make a plan for who will be the children’s guardian and how the children will be provided for if something happens to the parents before the child becomes an adult.
Estate Planning Can be Important Even if You Don’t Have a Lot of Assets or Close Family Members
Deciding who inherits your wealth is just one part of making an estate plan. If you don’t have a lot of assets or don’t have close family members, you still need to address other issues such as what medical decisions should be made if you get sick and who should make medical choices on your behalf when you have not expressed a preference in advance. You may also need to make plans for who will care for your pets or children if something happens to you.
Making an Estate Plan Doesn’t End with Creating a Will
Creating a last will and testament isn’t enough for many people. You should also have advanced directives related to healthcare, an incapacity plan in case you become unable to act on your own, and certain other estate planning tools depending upon your situation. For example, you may want to create a living trust to pass assets on to loved ones more quickly outside the probate process or you may want to create an asset protection plan to keep plan wealth safe.
You May Need to Change Your Estate Plan Throughout Your Life
You may need to make adjustments to your estate plan as your family and financial situation change. You should be prepared to work with an estate planning lawyer to update your plans as needed.
Getting Help from Smithtown Estate Planning Attorneys
Smithtown estate planning attorneys at Mark S. Eghrari & Associates, PLLC will help you to make a personalized estate plan that is right for your family, that protects your autonomy, and that protects your assets. To find out more about the ways in which our legal team can help you with the estate planning process, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online at any time to talk with a compassionate and knowledgeable member of our legal team about the ways in which we can assist with your plans. Don’t wait until it is too late for you to make an estate plan and control your legacy. Give us a call now.