Before an individual passes away, it highly recommended that they get their affairs in order. Estate Planning in Manhattan ensures that the individual’s final property and health care wishes are honored. Planning also ensures that the individual’s loved ones are provided for in their absence.
What is an Estate?
An estate consists of an individual’s property including:
- Real estate
- Bank accounts
- Stocks and/or other securities
- Life insurance policies
- Personal property
There are many benefits that estate planning provides for an individual. Following is a list of a few reasons as to why it is important individual plans ahead.
Reasons and Benefits of Estate Planning
- Provide for loved ones. Without an estate plan in place, family members will receive less compensation than they would if there was a plan. It may also take a longer period of time to receive compensation. It is important the family receives the highest amount of pay possible to ensure any bills and living expenses are covered.
- Children will remain out of protective services. With lack of estate planning, children who have lost both parents due to accident, illness, or unexpected death, they may be placed with Child Protective Services while the court decides who will serve as their new guardian. Estate planning ensures the children will be placed with a trusted individual.
- Easier retirement. Estate planning is not only beneficial when an individual passes. Planning can benefit an individual when they age by making sure they are eligible for government benefits such as Medicare. This will reduce the healthcare costs and leave more money for loved ones.
- Keep assets safe. Those who may have accumulated some sort of wealth, often worry they will lose it all should there be any sort of legal action involved. Many estate plans will help to minimize or eliminate estate taxes as well as offer protection of the assets from creditors, exposes and other lawsuits.
Estate Planning in Manhattan is perhaps one of the most important and thoughtful things an individual can do for their loved ones prior to death. However, making sure it that the plan is written and planned correctly may feel overwhelming at times. For more information on how to properly plan, visit Rawcpa.com today.
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