Thinking about death can be a very emotional and difficult process for most; however, it is important to think ahead and plan the event with an estate planning attorney from New York that follows after your passing. Depending on your socioeconomic standing and the value of your assets, you may have drawn up a will in preparation for when that time comes. If you own a home or plot(s) of land, contribute to investments or possess other financial holdings and you have not given any thought to estate planning, you may want to consider it as an option.

Estate Planning Process

Estate planning is not just for the rich and famous (though, according to John Branca, they do require an extra level of care and concern due to their enormous wealth and value). Celebrities are like businesses; they bring in millions of dollars both in assets and cold hard cash. If they do not involve themselves in the estate planning process, their assets could be left to a bank to decide how the wealth should be distributed among friends, family or their communities. This process is important for them because they have a lot at stake, but what’s to say you don’t, either? Taking care of your closest family members and confidants post-death by making final arrangements will keep arguments at bay and will allow more room for processing the grief of their loss. Take into account what you own and who you trust to disseminate those holdings so that you can be at peace knowing those you love will be properly cared for.

Creating Your Will

Your last will and testament is a crucial document that clearly outlines to whom your viable assets belong after your death. In a will, you should outline who will be in charge of your estate, who will receive any portion of your savings and what they are to do with that savings (if there is a preference). Or, if there are minors involved, your will determines with whom the minors will live in the event of your untimely death. Determining an executor is also an important factor in writing your will. The executor is the person you most trust to handle your affairs after your passing, so choosing someone you know you can rely on will make the process go smoothly.

Keeping Your Will Up-to-Date

In the event that you become suddenly ill or incapacitated and do not have a will, the process becomes a bit muddier. That is why it’s so important to draw up your will and follow through with the estate planning process prior to any unexpected events. Writing your will at an early age does not imply anything other than your readiness and preparedness for life’s twists and turns. It’s also not enough to simply write the will and leave it be until your time of death; you have to consistently update and restructure your will so that any newly acquired assets make their way into the right hands and will not be fought over later on in life.

Estate planning is for everyone. Whether you have millions to share or a few memorable objects you want to be given away, it’s a good idea to take note of everything you own so that it can be fairly distributed.