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Estate planning: understanding the basics

On Behalf of | Apr 25, 2022 | Estate Planning |

Estate planning is not just for the wealthy. Your estate includes all the possessions you own. This means an estate can be large or small, and it’s worth assessing your items to see if you have anything you want to leave to your loved ones. If you’re a New York resident, here are some points to consider when it comes to estate planning.

What does it mean to plan your estate?

Estate planning involves assigning beneficiaries for your assets to determine who will receive your property and valuable items. You’ll also have to choose someone who will take care of your financial and real estate responsibilities after you pass away or if you become incapacitated. One of the main goals of estate planning is to make sure your intended beneficiaries will receive the assets of your estate in a way that will lower taxes on the property or items.

Assess your property

Even you don’t think you have enough assets to start estate planning, once you start looking around your home or storage units, you may find that you have several items to include in your estate. You can include items in your estate such as real estate and/or land, cars/motorcycles/boats, and collectible items like trading cards, art, coins, or stamps. You should also include intangible items in your estate such as your life insurance policy, mutual funds, and bank accounts.

Think about your family’s needs

Life insurance is also an important part of estate planning. Make sure you have adequate life insurance. The amount of your policy will depend on whether you’re married and whether you live in a two-income household. If you have college-age children or a child with special needs, it’s important to consider these factors when purchasing a life insurance policy.

Be sure to have a detailed plan for how your children will be cared for as well. This can reduce family disputes over your estate and final wishes.