Every adult should learn more about Estate Planning Law in Nassau County NY regardless of their age or current financial situation. Each person has assets in their name, even if it is nothing more than the clothing on their back. To ensure these assets are handled properly at the time of their demise, an estate plan is needed. How can a plan of this type be of help both before and after a person’s death?
Addressing an Incapacity
An estate plan isn’t simply for when a person passes away. This plan may be used to detail what should happen in the event the person becomes incapacitated and is unable to make decisions regarding his or her care. The plan may provide a do not resuscitate (DNR) order, choose who makes medical decisions in this situation, and more.
Naming an Executor
As part of the plan, an executor of the estate is named. His or her job is to make certain everything is handled according to the wishes of the deceased. Furthermore, this helps to simplify the process, as the court does not have to step in and select the person.
Reduced Stress
When a family is grieving the loss of a loved one and planning their final arrangements, any guidance from the deceased is appreciated. An estate plan can outline the desired funeral arrangements and explain how they are to be paid for if this has not already been covered. The family simply follows these arrangements, which helps to minimize disagreements and ensures no decisions are made based on emotions.
Fewer Taxes
Government entities step in when a person passes to claim their shares of the estate through the levying of taxes. An estate plan works to minimize the tax burden of heirs by making financial moves when they are most appropriate. As a result, the heirs are able to keep more of the money the deceased has accumulated on their behalf.
If you wish to know more about Estate Planning Law in Nassau County NY, contact The Law Offices of Peter Morra. He helps clients plan for the future so everything is handled when they pass. Don’t leave anything to chance. Browse the Site today to learn more about the importance of estate planning and how this task should be carried out.
