Founding Attorney
No matter what you’ve been told or believe, estate planning can benefit individuals of any age, background, or financial status. Establishing a strong estate plan can help you plan for the future, provide for your family, and give you peace of mind.
If you’re unsure where to start, begin by consulting with a skilled estate planning attorney. A lawyer can guide you through the process and craft an estate plan that suits your needs.
Estate Planning for Any Age or Financial Status
There are some common misconceptions about estate planning. Many believe estate plans are meant for older individuals or people with extensive property and assets. In reality, this isn’t the case at all.
Estate planning is for everyone of every age. A person in their early 20s would benefit from an estate plan as much as an individual in their 70s. You can create an estate plan that suits your specific needs, and as your life circumstances change, you can alter your plan as much as you need.
The Benefits of Establishing a Solid Estate Plan
Estate planning has several benefits, regardless of your age or status. Failing to have an estate plan in place can make matters more challenging for your family in the event you become ill, incapacitated, or pass away.
Simplifying the Probate Process
First and foremost, an estate plan can simplify the probate process. Probate is the court-supervised process that allows for property and asset distribution and the resolution of debts after your death.
Having an estate plan can provide a road map for your affairs after death, especially concerning property and asset distribution. You can appoint your beneficiaries and choose your personal representative to handle estate administration and formally close your estate.
While situations vary, in some circumstances, a solid estate plan can even aid in avoiding probate altogether.
Easing Burdens on Your Family
When you become incapacitated or pass away, the burdens on your family are immense. Your estate planning documents can help you take control and make decisions, so your family doesn’t have to. This can also aid in minimizing anxiety and strife for your loved ones during challenging times.
Peace of Mind
Peace of mind is invaluable. Not only does an estate plan offer you reassurance, but it can also ensure peace for your family as well. When you have a sound plan for the future, everyone benefits.
Documents to Consider Adding to Your Estate Plan, Regardless of Age
An estate plan consists of several different documents. A skilled estate planning attorney can get to know you and your goals to make recommendations concerning what types of documents you should include in your plan. Here are some of the ones you might consider:
- Last Will and Testament: Designates your representative and distribution of your property and assets
- Living Will: Allows you to choose the medical treatment you would or would not like to receive
- Trusts: Creates a relationship between you, a chosen trustee, and your beneficiaries, allowing for the distribution of property and assets
- Durable Powers of Attorney: Gives someone the power to act for you if you become incapacitated
These and other estate planning documents can help you plan for your future and protect your loved ones, no matter your age.
Establishing Your Estate Plan With an Experienced Attorney
Working with an estate planning attorney helps ensure you have the best estate plan that suits your wants and needs. The attorneys at Merlino & Gonzalez are ready to assist you with your estate plan. We proudly serve clients in Staten Island, NY. Contact us today to get started.