Estate planning in Rochester is something that should be on everyone’s radar, especially those with family members that are dependent on them. Estate planning in Rochester starts with connecting with an attorney that specializes in estate planning. An experienced attorney will have the expertise to provide advice, draw up iron-clad documents, and help you to have peace of mind knowing you have a plan in place.
What Is Estate Planning?
Estate planning in Rochester is a process that involves professional input to ensure that all your concerns about the future of your estate are addressed, that legal tools are implemented to ensure your goals are met, and address how your assets will be handled. Many people make the mistake of thinking that you have to be wildly wealthy to worry about estate planning in Rochester, but the fact is, estate planning is not only for people with extraordinary wealth.
Estate planning in Rochester is for people that want to ensure the assets that they do have wind up in the right hands after they pass away. Planning takes the stress off of family members to have to manage your assets after you are gone. Estate planning in Rochester can also save your estate money in taxes when it is structured right.
Whether you are a small business owner, or you have children and a family that depends on you, estate planning is essential to the security of your family. Anyone that wants to ensure that all their hard work pays off should be making an appointment to discuss options with an estate planning attorney. Additionally, you don’t want to leave your family’s fate in the hands of the court, should you not have left a proper will behind.
What Are the Required Documents?
When you make your appointment to discuss estate planning in Rochester you want to come to the appointment prepared. There are a few documents that you will need to have on hand to start the process. For example, social security information, property deeds, bank account information, and any information you have about designated beneficiaries will help.
During your meeting the attorney will discuss with you options for designating beneficiaries and the legal instruments that you will need to have drawn up to designate those beneficiaries. Every “will” goes into a probate period. Probate is a legal process where an estate is distributed to beneficiaries and heirs of the estate. The more information you can provide the shorter the probate period will be.
It is important that the information you provide to the attorney is accurate. For example, if you want to leave a few dollars to your hairdresser for years of great service, or you want to leave a gift for your favorite charity, the more details you can provide the better the chances are of your wishes being carried out.
Of course, estate planning in Rochester is not only about drawing up a will, there are other instruments that can be used to achieve your goals. For example, a trust can be designed which will give you more control over your estate. An attorney can provide you with options that will help you to meet the goals for your estate.
Before You Make Your Appointment
It is a good idea to write down the goals for your estate before you make your appointment. It can be difficult to think about a time when you are not going to be here, but it is imperative that you consider all your options. One of the key mistakes that people make in estate planning is that they do not really consider who to name as executor of their estate. It is a very important consideration and one that should not be taken lightly.
Have some goals in mind when you meet with the estate planning expert in Rochester. Write down any questions that you have before your appointment. Start prepping for the appointment a couple of weeks out to be fully prepared.
What Are the Benefits?
The biggest benefit of estate planning is the protection that it provides for your family. Inheritance theft is a real thing that unfortunately happens often when there is no plan in place. Inheritance theft is like having your home or business burglarized and having no insurance to recover the losses — your business is about four times more likely than your home to get burglarized. Estate planning is essential to protecting your family. Make your appointment today to get your plan in place.
