Do you think estate planning is only for the rich? Absolutely not! New York residents with assets of any kind should think about how those assets will be inherited some day. They hire an Estate Planning Lawyer Nassau County NY to help ensure their estate planning documents are correctly written and properly filed. Consider the following reasons why estate planning services are beneficial to average people.
Protect Young Children
Parents will oftentimes purchase life insurance policies to protect their families, yet fail to make any decisions about their future care in a legal will. Neglecting to perform proper estate planning means that you will have no say in who will assume guardianship of your children if you pass away before they are adults. Perhaps you have a child with poor judgment and need to restrict their access to their inheritance. Estate planning allows you to set up a trustee to ensure the assets are being used in the best interest of the child and not based on their individual whims.
Avoid Family Fights
Family fighting over an inheritance has become legendary. One sibling believes he should have more and another sibling believes she should be in control of the decisions. These disagreements can get ugly and oftentimes end up in court. Simply stating your wishes in a personal will or trust will go a long way in helping to avoid family strife.
Protect Your Personal Choices
Estate planning does not just involve dividing up your assets. An Estate Planning Lawyer in Nassau County NY can also help clients establish documents to protect their personal choices in case of a mental incapacity. Doctors are responsible for making medical decisions about their patients who lack the physical capacity to make their own decisions. However, if that patient had made a medical directive and a health care power of attorney while they still had a legal capacity to do so, then an agent of their own choosing could make those decisions on their behalf.
Next Steps
Estate planning documents are extremely important for your own peace of mind, and especially to assist your loved ones in the event of your untimely death or mental incapacity. New York residents in need of more information about hiring an Estate Planning Lawyer Nassau County NY should contact BUSINESS NAME in Nassau County NY.
