When Should You Start Estate Planning?

New York lawyer

Depending on your age, the thought of estate planning may have never crossed your mind. Many people think this is only for elderly people to think about, but the truth is estate planning needs to be taken care of at an early age. It’s especially important if you have a spouse with children. Where your money, assets and other things go in the event you pass away should be important to you and your estate plan gives you the power to determine it. When you work with the top law firms in NYC for your estate planning, you’ll set yourself up to have all of your wishes granted after your death. Here’s what you should know about estate planning.

How Estate Planning is Different From a Will?

A will and estate planning are often grouped together as being the same thing, but a New York lawyer will tell you there are distinct differences. Your will gives you the ability to designate your assets to a particular person when you die, as well as appoint legal guardianship of your children. Estate planning includes the will, but also designates power of attorney to a person you trust to make decisions on your behalf when you are unable to do so. It also provides an advanced directive, which outlines how you want medical situations to be handled if you become incapacitated. The living trust is also a critical component of estate planning, as it can avoid probate and make the process of distributing your assets much easier for your heirs and beneficiaries.

Avoid Probate With Proper Estate Planning

Simply putting together a will with a New York lawyer may not make things easier when you pass away. There’s still a lengthy and expensive probate process that may happen, in which your will must be proven and can be contested. Proper estate planning is the best way to avoid probate and having your personal information made public. The top law firms in NYC can draft your will and living trust to take care of every aspect of your life so your assets are simply distributed how you wish after you pass away.

Take Action Now To Have Your Wishes Honored Later

Now is the time to take action with estate planning. It’s never too early to start the process, and it can always be amended if significant changes happen in your life. Putting together a good estate plan with your New York lawyer will ensure your assets end up where you want them to after your death. It’s never comfortable to talk about what will happen after you die, but it’s important to do so to ensure your loved ones are taken care of.

Gordon & Gordon is one of the top law firms in NYC because no case is too large, small or complex for our attorneys. Whether you need an NYC real estate lawyer, a divorce lawyer, a personal injury lawyer or many other areas of law, we can help you. Estate planning is an essential part of your life that you need to get taken care of right away so you won’t have to worry about anything later on. To set up an initial consultation with one of our experienced lawyers, contact us at any time.