Long Island estate planning attorneys can help you to create a plan to facilitate the cost-effective and timely transfer of assets to your loved ones after you pass on. Far too many people don’t have a comprehensive estate plan in place, and they jeopardize their wealth and their ability to leave a legacy because of it. For example, one common problem that arises during the probate process is that there are missing assets which the executor of an estate and heirs or beneficiaries are not able to find.
You do not want your loved ones to be left scrambling looking for the wealth that you want to pass on after you pass away. You need to make sure that you work with Long Island estate planning attorneys to use tools like wills and trusts to dictate who will inherit your assets after you are gone.
You also need to ensure that you have provided clear instructions for where your assets can be found and for the total assets you own so there is no question about what money and property should be passed on to new owners after your death. Mark S. Eghrari & Associates, PLLC is here to help make the process of transferring assets easy, so give us a call today to find out about the services our firm can provide to help you make your comprehensive estate plan.
Why it’s Important for Your Family to Know Where Your Assets Are
When you pass on, you may leave your money and property to your family members or friends by using different tools like pay-on-death accounts, trusts, and a last will and testament. However, if you just use these documents to tell your loved ones what they will inherit, and you have no practical information available to help them find their inheritance, you are setting your family up for significant hardship.
Your loved ones may have no clue of the total value of your holdings or of where certain kinds of property are, such as valuable investments or jewelry or art or household items. It is the job of the executor of an estate to conduct an accounting of the estate and the executor of an estate has a fiduciary duty to fulfill his obligations. The executor of an estate is supposed to identify, account for and collect all estate assets, but his or her job is made much harder if you have not provided any instructions regarding where your money or property is located.
If there are assets you own that your loved ones are not able to easily find, there could be no other option but to spend money on an investigator to try to find your wealth. This reduces the overall value of your estate as a result of unnecessary expenditures and means there is less money and property to pass on to loved ones. You can avoid this waste and make sure that assets are transferred much more quickly and much more cost-effectively by providing clear and detailed instructions on exactly where your property is located.
Getting Help from Long Island Estate Planning Attorneys
Long Island estate planning attorneys at Mark S. Eghrari & Associates, PLLC have provided estate planning help to many clients and we can put our legal knowledge to work to help you to make a plan that is right for your situation. We can make sure your assets are not lost and that your family is able to find your wealth if you work with our firm to make a detailed plan for what will occur after you pass on.
We can also provide representation to an executor of an estate or to heirs or beneficiaries who are in need of help looking for lost assets. To find out more about the many services our firm can provide to you, join us for a free seminar. If you are ready to get personalized help making an estate plan that facilitates the transfer of assets, give us a call at (631) 265-0599 or contact us online today to help with that process as well.