Many of us believe estate planning is only for the wealthy who have a lot to leave behind. But while individuals with large estates definitely need to have a plan in place, people with homes, savings accounts, and children should consider creating an estate plan.
An estate plan ensures your assets, belongings, and property fall into the correct hands after you pass away. They are especially important if you’re hoping to leave assets to someone out of the traditional beneficiary pathway, such as a friend or distant family member.
If you pass away without an estate plan or will in place, your family may have to go through lengthy and expensive court battles to get what is rightfully theirs. Creating a document that states who should receive what can ensure your family members don’t need to go through an unnecessary headache to fulfill your wishes.
Creating an Estate Plan – What You Need to Know
Creating an estate plan allows you to be in complete control over where your money, property, and other belongings go after you pass away. While it may seem morbid to some, it can actually be extremely beneficial to both you and your family. In most cases, if you pass away without an estate plan or will, your spouse or children will receive your belongings. But when you create an estate plan, you can leave your assets to whomever you want.
You can ensure none of your property or belongings fall into probate court by setting up a revocable trust. When you put your property under the ownership of the trust, it can then be easily transferred to the beneficiary of your choosing after you pass away. This can prevent your family members and loved ones from needing to deal with going to probate court to gain control of the property left behind.
If you have additional questions about estate planning or you’re ready to create an estate plan, contact the experts at Michael F. Kanzer and Associates. We have years of experience helping individuals in the Brooklyn area create estate plans. Contact our Brooklyn office today for a consultation.