Very few would consider estate planning to be fun. However, it’s a necessity, unless one wants to drive his or her relatives into a long, drawn-out fight after they’re gone. Before hiring an attorney and forging ahead, below are a few important things to know about Estate Planning Law in Nassau County NY.
Thinking About Death is Important
While no one likes to think about their mortality, death is inevitable. Just like taxes, death will happen to us all, and we never know when it’s coming. Therefore, just like preparing for tax time, it’s important to get ready for what will happen after one passes on.
Inventory Everything
The first step in the estate planning process is for the client to inventory all his or her belongings, from the home they live in to their most important documents. After all, it’s impossible to determine who gets what without knowing what’s there. Clients should track down:
- Insurance policies
- Bank accounts
- Stocks, bonds, and mutual funds
- Retirement accounts
- Vehicles and paperwork
Choose an Executor
While most people are reluctant to choose one person over another, failing to choose an estate executor is a big mistake. Many assume that they’re covered because they have a will, but when there’s no executor, the court chooses someone to carry out the will’s instructions. This may have undesirable consequences, which can be avoided by choosing an executor before the time comes.
Regularly Review Beneficiaries
Like most things in life, relationships change with time. When these changes come, it’s important to review one’s beneficiaries. Retirement and life insurance funds are distributed outside of one’s will, which means they are simple to overlook during the estate planning process. While it may have seemed like a clever idea to choose a particular person when signing up for a plan, things change. When they do, be sure that beneficiary designations keep pace.
As with other matters of Estate Planning Law in Nassau County NY, consulting an attorney is important in determining how state, federal, and local taxes affect one’s estate. Browse the Site for more details or call today to schedule a consultation.
