If estate planning has been on your mind for some while, it might be time to ask yourself what is holding you back. As unpleasant as thinking about mortality and death can be, it is necessary so you can help provide for your family in Brooklyn long after you die. You need a good estate plan to ensure your loved ones continue to financially and sentimentally benefit from you.
A good place for you to start is by taking an inventory of your physical and virtual assets and who you want to receive them. Go a little deeper than the surface and consider the steps they might have to take to obtain them legally, so you can make provisions to make it easier. This way, you can minimize the chances of confusion and misinterpretations and prevent disputes.
Give guidance to ease suffering
Estate planning is not just for managing things after your death. Estate plans also allow you to maintain control over incidents that may happen while you are alive. For example, you unexpectedly learn you are going to have a child and are concerned about who will take care of her or him in the event of your untimely death. You can include in your will instructions and provisions to help provide some financial security for your child and the new guardian.
At the end of your life, you might need expensive medical procedures, long-term care and hospice residency before you pass. Without your estate plans to provide your friends and family with guidance on major and important financial as well as medical decisions that can take a heavy toll on your loved ones emotional and financial reserves, you could cause them to worry over those issues needlessly. Save them and yourself the trouble by including a detailed power of attorney (financial and health care), advanced directives, living wills and other pertinent and potentially information they might need in your estate plans.
There is no need for you to worry about the future when you have estate plans in place to influence the outcome. Review and update them often.
