Effective Suffolk County Estate Planning Tips

Estate Planning Attorneys Serving Families in Suffolk County

Estate Planning TipsEstate planning is one of those things you know you must complete but are reluctant to do so. Whether the idea of visiting your mortality keeps you away, or you just feel you do not have time, an estate plan offers you and your loved ones’ protection in the event the unexpected happens.

Regardless of how much you have in your estate, you can benefit from an estate plan. Estate plans are more than just a will. In fact, you can designate who takes care of your financial decisions when you are too ill or incapacitated, and you can assign someone to make healthcare decisions on your behalf. A well-drafted estate plan offers you much more than a way to distribute your assets.

Tips for Getting the Most Out of Your Estate Plan

While estate plans offer a plethora of benefits, they must be implemented properly to get the most from those benefits.

  • Decide who gets what. Before you meet with your estate planning attorney and create a plan, consider whom you want to inherit your assets and how you want those assets distributed. If you have more than one child, will you split your assets fairly or give one child more?
  • Consider adding life insurance to your plan. Life insurance ensures that everyone you support has enough funds to take care of debts, pay off the mortgage, and survive if the unexpected were to happen. You can get life insurance relatively cheap today, and your attorney can work that plan into your estate plan to ensure the assets are given out accordingly.
  • Do not forget the three critical documents. While you have numerous options for estate planning, three documents must always be in your estate plan, including the durable power of attorney, the release of information form, and advanced directives.
  • Consider establishing a trust. With a trust, your estate does not go through probate court; so, your loved ones do not have to worry about the time and money associated with it. Instead, the assets of your estate are transferred to the trust and then transferred to your beneficiaries upon your death.
  • Prepay for funeral services. Instead of telling your family where to go, you can prepay and plan for your funeral services. Do not pay the company directly, however. Instead, set aside funds in your estate plan that are used upon your death. This ensures that there is enough money for your funeral plan, but without the risks of paying a company that might not be in business when you need to use your account.

Work with an Attorney for Suffolk County Estate Planning

Estate planning is not something you should do yourself. While there are forms online and guides that tell you how to create an estate plan, you still need an attorney. An attorney knows the legal logistics that apply to your estate, and they can assist in creating a plan that is unique to your situation.

If you need to establish an estate plan, turn to the services at the Law Office of Andrew M. Lamkin to get started. We offer free consultations to discuss your estate planning needs. Schedule your appointment now at 516-605-0625 or request an appointment online.

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