Estate plan concerns what happen to your assets, finances both while you are alive and well or dead, distribution of your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.

One major importance of planning your estate is that it prevents the possibilities of probate. Probate is a process in which a courts sits and decides over the authenticity of a will and confer power on the executors of the will to administer the estate.

Another importance is that, through the appropriate estate plan document, you can designate a health care agent to make medical decisions when you are unable to do so. This same document could be filed in court to should it be someone needs to be your guardian or conservator.

You may want to Consider one or more of the following cases and see if you fit into these categories; you own and manage one or more businesses, you have minor children or you don’t have any children, you have a disabled family member, or you have one or more health issues, you are married, divorced or in a second marriage etc.

You are definitely in of the categories mentioned above, any of these above mentioned cases requires you make plans, estate plans. Consequentially, you need estate planning documents to ensure the validity of your plans. Contact an estate lawyer today to document your plans.

Estate planning documents

There are several documents that help you implement your estate plans.

Living Trust – this is one of the most useful document you should possess in your estate plans. It forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable. Trust are in two major forms and as such may require knowing the right documents and the legal procedures to filing this documents. Examples of various trust are the irrevocable living trust and revocable living trust.

A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after his death.

Last Will and testament: a will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children. However, Will goes through, a probate process in court to be fully implemented for the beneficiary of the will to get their benefits.

Financial power of attorney: through this, you can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable.

These estate plans should however conform to the estate laws of the state where the person owns properties. It is also important to note that state laws rules over estate plan. They dictates what should be included in will, trust or power of an attorney, this state laws in Brooklyn, also regulates how the documents are filed and its implementation. With the help of an estate planning lawyer Brooklyn, you won’t go wrong. The right documents would drafted and filed for you estate plans.