Estate planning takes on various forms. However, there are some basic components or essentials of estate planning. These include:

• Will:
  Every estate plan should have a will that lists your assets and how you want to distribute them after your death. When drafting the will, it is essential to know what you should include and what you should leave out of the will.
• Living Trust:
  Also known as a revocable trust, it ensures that the assets you put into the trust are distributed according to your wishes after your death. With living trusts, your heirs don’t have to go through the tedious process of court probate to receive the assets. It’s important to note that there are different types of trusts for different purposes, including irrevocable trusts, revocable trusts, special needs trusts, and charitable trusts.

• A Living Will:
  Also called an Advance Health Care Directive in Utica, NY, is a document that ensures that your health choices are followed if you are incapacitated or during end-of-life care.
• Power Of Attorney:
  Also called a healthcare proxy, the Power of Attorney or POA gives someone you trust the power to make healthcare decisions or manage your finances if you become incapacitated.
• Digital POA:
  A digital POA is a power of attorney that designates an individual to manage your digital assets, such as social media accounts and other online assets.

It is vital to understand when and how to use each of these components in your estate plan and the benefits of each. As your estate planning law firm, we must guide and advise you and ensure your estate plan fits your needs and goals.

Estate planning is a great way to reassure yourself that your loved ones are taken care of. Some of the ways estate planning can help you protect your loved ones include:

Protecting Beneficiaries

Estate planning is often considered for high-net-worth individuals. But this is now in the past. Middle-class families have also discovered the benefits of estate planning. Even if you only have a second home you can decide who gets to keep it when you die. If you don’t, then the courts will decide.

When the court has to decide what happens to your assets, it takes years, and the process could rack up fees and create confusion. In addition, the courts may also decide that everything should be left to the surviving spouse. You can avoid this confusion through estate planning by detailing exactly who gets what when you’re gone.

Protects Young Children

If you have small children, estate planning is essential to protect them. A well-written will ensure your children are catered to in the same manner that you intended.

During estate planning, you need to name the guardian of your children should both parents die. Without naming the guardian, you will force the courts to determine who will raise your children, and this determination might not be your preference.

Protects Heirs From Big Tax Bite

Besides safeguarding your wishes, you can also use estate planning to protect your loved ones from a big tax bite. When you have a lawyer to prepare estate planning documents, they can help you transfer the assets while ensuring the smallest possible tax burden for the heirs. Without a plan, your assets will take a considerable cut because of taxes that will be paid to the federal and state governments.

Hobaica Law Office, Safeguarding Your Future In Utica, NY

We can help you create certainty for the unexpected!

Estate planning is no longer a mainstay among high-networth individuals. Whatever little you have can be better managed and divided among your loved ones. Not only does working with an estate planning law firm help you divide your wealth, but it also avoids conflict.

If you’re considering estate planning, the Hobaica Law Office in Utica, NY, is here for you. We have an experienced estate planning lawyer near me who can help you with estate planning goals. All you have to do is give us a call at (315) 627-2800  for a free consultation and to get started on your estate planning.