Basics of Estate Planning
If you or a loved one are interested in starting the estate planning process, it is very beneficial to work with one of our trustworthy Buffalo estate planning lawyers. Here is some information about the basics of estate planning that is very beneficial for anyone interested in the process.
Basics of Estate Planning| What is Estate Planning?
Estate planning is a broad term for the many ways of preparing, legally, for death, and especially the distribution of property and other assets. It also can encompass planning for any physical or mental incapacity you may experience while still alive. Our wills and trusts practice group empowers our clients to provide for their loved ones, after their deaths, through wills and up-front planning. Our staff is well-equipped to handle any estate, no matter the size or complexity.
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Basics of Estate Planning| Benefits of Estate Planning
Preparing the proper estate plan can give you and your loved ones peace of mind, and help minimize stress and contention after your death. Our experienced Buffalo estate planning lawyers can help you avoid probate, or the process or “proving” a will, or arrange for a conservator to handle your finances and assets in the case that you become mentally incapacitated. A solid estate plan might also reduce any federal estate tax your family might face.
You might believe you don’t need an estate plan because you don’t have a lot of property. But estate planning isn’t about which relative gets the vacation house or which child gets the classic car. An estate plan can decide what happens if you become incapacitated and unable to make certain decisions about your medical care, family, financial assets, or legal obligations.
Basics of Estate Planning | Estate Planning Documents
There are many legal documents you can use to create your estate plan. Some of the more common documents or legal devices used in New York for estate planning purposes include:
- Living Will
- Health Care Proxy
- Power of Attorney
- Life Insurance
If you are considering any aspect of the estate planning process, please contact our experienced Buffalo estate planning lawyers today to set up a legal consultation.