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Estate planning plays an essential role in creating a secure financial future for your loved ones. It involves putting together a variety of legal documents that outline how your affairs should be handled after your death or in the event you become incapacitated. While this can seem like a daunting task to take on, the process is fairly straightforward once you learn how to get started. The estate lawyers at MacVean, Lewis, Sherwin & McDermott, PC are qualified to help residents of Middletown, NY, ensure their final wishes are carried out.

Below, they go over a few steps you can take to begin planning your estate:

  • Write Down Your Goals: Each person’s estate planning goals are different. Some are focused on making sure minor children are taken care of or the family business remains intact, while others are centered around the allocation of assets. Whatever your personal goals are, it’s important that you identify them before trying to move forward any further.
  • estate lawyerTake an Inventory of Your Assets: Next, you must take a thorough inventory of your assets and establish their value. This will help you figure out what kind of asset protection you require. Make sure to include all the real estate you own, vehicles, your bank accounts, life insurance policy, retirement plans, and savings and investment accounts.
  • Decide How You Want Your Property Distributed & Who Should Make Decisions: A major part of estate planning is deciding who you want your beneficiaries to be and how your property should be distributed. You will also want to determine who you trust enough to make financial and medical decisions on your behalf should you become unable to do so. 
  • Hire an Estate Lawyer: Estate planning can be quite confusing, and the laws are complex. Hiring an experienced estate lawyer will help you work out all the details and make sure your paperwork is in proper order so it meets the requirements of the law. They can also assist you making adjustments to your plan as your needs change.

Once you’re ready to start the estate planning process, it will be easier to achieve your objective if you take it step-by-step. With the guidance of an estate lawyer, you will feel more confident to make the decisions that will best preserve your assets and protect your loved ones. Contact MacVean, Lewis, Sherwin & McDermott, P.C. at (845) 343-3000, or visit them online for additional information.

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