When you reach adulthood, it’s important to begin the estate planning process sooner rather than later. Doing so will help you protect your best interests and your loved ones. If you’re unfamiliar with the nuances of this critical task, here’s some helpful information to review. 

A Basic Primer on Estate Planning

What Does Estate Planning Entail?

This process will help you organize your assets and plan for their future distribution. The directives you put to paper will be carried out by your family or the probate court after your passing. Comprehensive planning typically includes a wide range of documents, such as your last will and testament, medical care requests, and designated powers of attorney — individuals who help ensure your wishes are seen to. Asset types vary widely, from life insurance policies and businesses to real estate and valuable heirlooms. 

When Should You Start This Process?

There’s a common misconception that only wealthy individuals need to go through estate planning. While having money and plentiful assets does make this task critical, everyone has an estate of some kind to leave behind. As such, consider starting this process early, or as soon as you reach the age of majority. Once your plan is in place, reevaluate it at key milestones, such as marriage, having children, going through a divorce, or growing your business. Estate planning is also encouraged if you’re dealing with a health condition or you have a complicated relationship with your immediate family. 

Why Hire an Estate Planning Attorney?

This process can be time-consuming and overwhelming. Identifying your assets, phrasing the terms of your document to avoid confusion, and positioning yourself to take advantage of tax benefits are challenging without expertise. By working with an experienced estate planning attorney, all the steps necessary to get your assets in order will be properly laid out. Better still, these attorneys will hold a copy of your plan for safekeeping, thus giving you the added peace of mind that all necessary documents are in order and your wishes will be followed per your request. 

If you want to start estate planning, turn to Louis C. Noto in Rochester, NY. With over 48 years of experience, vast knowledge of state and federal laws, and a reputation for attentive care, depend on this attorney for effective guidance through the process. Call today at (585) 232-1815 to schedule an appointment. Visit him online for more information on his areas of expertise.