When you finally set down to figure out your Bronx estate planning, you need to take plenty of time to think out what you want to do with your property and possessions. One key to making this process easier and more hassle-free is to plan out what you’re doing. Organization and good planning will be key.

Making the will: As scary as it is thinking about needing a will, it is absolutely necessary for you and for your family. A will is, technically, directions that are left by you. A will gives directions for how and where, when you are deceased, your assets are to be transferred. A will can also include any particular instructions in reference to your personal goals when you were alive. It can also address guardianship of children.

Funeral costs: Most people leave behind instructions as to how they want to be buried. Funeral instructions are usually hand written. After writing these they are left somewhere that is accessible to other people, and you should tell someone close where they can be found. An additional note is that that many people also prepay their estate taxes when they decide to write their funeral instructions.

Safe and reliable storage: Your power of attorney and health directives should be kept in a safe and secure location. You should also notify any close relatives or friends of where these items are stored. Along with these important documents, you should also keep your brokerage account information, deeds, funeral plans, IRA information, tax returns, and general financial information in a trustworthy and reliable storage space.

Calculating estate taxes & probate costs: Most estates are liable for estate, or death, taxes when your are deceased. This may end up in your family needing to liquidate assets as to comply with the liability. You must make sure that you and your family fully understands these potential liabilities and taxes in time. Life insurance can often be used to provide liquidity to solve a potential liability.

Assets that avoid probate: When Manhattan estate planning, know that any item or document that a beneficiary can name can avoid probate. These items can include life insurance, retirement accounts (like an IRA), stock brokerage accounts, bank accounts, and annuities. This is not an extensive list, there may be more items that are able to avoid probate.

Health care directives: Also knowns as a living will, a health care directive will be able to allow your heirs or caretakers to completely and fully understand your wishes towards the end of your life. This includes how you wish to live out the remainder of your life and how you like to be cared for during this time. A living will is also sometimes known as your power of attorney, in health care directive cases only. In general, a power of attorney allows another of your most trusted persons to maintain and conduct your financial estate.

Revocable living trusts: If you own real estate or any other asset that would require a new title or deed, then you should think about using a trust. A trust can help you avoid the need of probate and many times will reduce your overall costs when you are organizing your Staten Island estate planning.

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