Essential Estate Planning Documents, Part IThursday, September 15th, 2016, 1:37 am
Many people are overwhelmed with the idea of planning for the future, things like saving for a downpayment for a house or putting money away for retirement. When the idea of one’s death or incapacitation comes into play, things get even more touchy. Despite the sensitive nature of the topic, estate planning is a necessary step is ensuring the future financial well-being of your loved ones, and can even have a hand on guardianship of your children if necessary.
As Brooklyn estate planning attorneys, Michael F. Kanzer & Associates, P.C. always encourage prospective clients and interested parties to contact our Brooklyn office for a free consultation. We like to say that regardless of age, everyone should have a will in place to protect their assets and loved ones in the event of their passing.
While the estate planning process varies greatly depending on each client’s unique situation, there are certain documents we like to at least discuss early on, these include: a will, a trust and health care directive.
Did you know that about 65-percent of Americans have no will or trust? The same percentage have not discussed an estate plan with their lawyer or have even started the conversation with their loved ones. A will or trust is necessary for a variety of reasons, more than just than “who gets what” but perhaps even more importantly, at least for some families, who get what when.
Without a further trust plan, kids automatically inherit at 18-years-old, which does not necessarily mean these beneficiaries are ready to take on the responsibility of managing a large sum of money. With a will or trust, it is possibly to gain control of these variables.
The planner can decide on the increments in which beneficiaries receive the money and one can be very specific in these determinations, which is what makes the practice of estate planning such a great tool for managing wealth and assets.
Contact Brooklyn Estate Planning Attorney Michael F. Kanzer for all of your estate planning questions and concerns. We can help plan for the future financial well-being of your family, giving you peace of mind in the present.