Mark Glendon

What is a Simple Estate Plan?

Planning for your eventual passing isn't something most people want to dwell on, but having an estate plan in place is an important part of preserving your legacy and ensuring your wishes are carried out after death. An estate plan is an official plan that is created while you are living which details how you want property and assets to be dispersed after you pass. Some people think estate planning is only beneficial for high-net-worth individuals, but the truth is that everyone can benefit from estate planning.

Having a plan in place protects assets like your home, business or bank accounts, and it also reduces the legal work required of your loved ones left behind. This also means your estate largely stays out of the probate process, so you maintain greater control over how your estate is executed.

How to Set Up a Simple Estate Plan

To set up your own simple estate plan, you're encouraged to work with a local professional. Laws vary in different states, so you want to work with an estate planner in your area. A simple estate plan New York City planners can create may be vastly different from one planners in California can create. Additionally, a simple estate plan New York City estate planners can create will factor in local and state laws as they pertain to assets, accounts and probate. Protect Your Assets with a Simple Estate Plan in New York City - Discover Your Options on this Website Today!

When drafting your plan, your estate planning team will help you create a will if one does not exist and will guide you through the process of naming an executor. This will be the individual who will be responsible for ensuring that your will is faithfully executed upon your passing.

Check With Your Account Managers

A simple estate plan is usually enough to cover most situations, but everyone has different needs. You may need to work directly with your estate planner and various account managers of bank accounts, investment accounts and business accounts to make sure their protocols are satisfied to pass along assets upon death. Most institutions, like banks, will have forms you can fill out to make the transition easy.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at estate planning services blog.