Estate planning is something that is crucial for every adult who owns assets, especially if they are married or have children. Many people make the mistake of thinking estate planning is simply for the rich, who have vast estates. The truth is, it is important everyone considers Estate Planning Nassau County NY. With this information, individuals will understand the importance of estate planning and what they can expect from the process.
What Is Involved in Estate Planning?
Estate planning is the process of deciding what a person wants to have done with their assets once they die. There are also other integral areas that must be decided upon. With Estate Planning Nassau County NY, individuals can rest assured their final wishes will be taken care of so their families are not left with the burden. Click here for more information.
The following are the most common steps involved in Estate Planning Nassau County NY.
- An inventory of all of the assets that are owned by the individual needs to be created. Everything that is owned will need to be listed in the will so there is no confusion or argument over who gets what. It is wise for a person to take an inventory of all assets before they meet with a lawyer to start the estate planning process.
- A contingency plan needs to be created by the individual so the will could be changed if needed. A contingency plan would discuss what should be done with assets if a person’s spouse were to die at the same time. It also discusses who would take charge if the individual was incapacitated. This would allow appointed family members to take care of the affairs of the incapacitated individual without having to go to court.
- Another step involved in the estate planning process is making sure all children and dependants will be taken care of. It should include provisions for all children under the age of eighteen and name a guardian for them. Provisions should also be made for adult children and relatives who need care.
Schedule a Consultation
If it is time for you to consider estate planning, contact The Law Offices of Peter Morra. They will be happy to help you through the process.
