When it comes to creating a will and other fundamentals of estate planning, there are frequent misconceptions and misunderstandings. This may be due in part to the fact that estate planning can be stressful or overwhelming to consider. It is, after all, associated with death and dying. Nevertheless, estate planning is an essential thing to do. As your trusted real estate lawyer in the Bronx, The Law Offices of Diron Rutty is here to break down some of the most fundamental things to know about estate planning, as well as clear up some misconceptions.
What Is Estate Planning?
First things first: getting clear on the precise meaning of estate planning. In short, estate planning is the process of getting everything in order to protect your assets and ensure that your family is provided for in the way that you want them to be provided for. This often involves minimizing New York estate taxes. It also allows you to provide for minors and disabled family members.
Estate planning is most commonly associated with creating a will. Creating a will is indeed a major piece of estate planning, but it is not the whole picture. Estate planning begins with a will, but it can also involve things like health care directives and power of attorney. Health care directives will ensure that your wishes are followed if your health were to fail. Power of attorney involves designating a specific individual to overtake your decisions should you become incapacitated.
Who Should Seek Estate Planning?
One major misconception around estate planning is that it is only appropriate for people who are very wealthy. This is not the case. Anyone who owns assets or has investments, including real estate and vehicles, has an estate that should be appropriately protected. If you’re unsure if estate planning is the right choice for you, contact the expert Bronx real estate lawyers at the Law Offices of Diron Rutty.
Moreover, estate planning is not just about dividing the assets of someone who has died. As mentioned, estate planning involves much more than that. This means that estate planning is appropriate for a far wider range of people than is commonly believed.
What Is Probate Planning?
Part of the reason why you want to ensure that you have trustworthy estate planning is to avoid the need for probate planning. Probate planning will require the designation of an executor of the will. Diron E. Rutty, LLC is a qualified probate attorney and can provide thorough and compassionate assistance if the need for probate arises. However, effective estate planning can prevent the need for probate in the first place. Learn more about probate planning and estate administration in New York City by visiting our Probate Services page.
What To Do Now?
Ultimately, creating a will and navigating the world of estate planning can be a complex process. It doesn’t have to be as stressful as it’s often made out to be. Discussing your future and the options that are best for you and your situation will save your money, protect your assets, and keep your family safe. Reach out the expert real estate lawyers in the Bronx with the Law Offices of Diron Rutty to start planning your estate today.