Estate Planning

Estate planning means stating in written form how you want your estate handled after you die or should you become incapacitated. It need not be complicated. Proper estate planning protects you and your family, minimizes taxes and fees, and ensures accurate asset distribution. While the process is often simple, many people put off estate planning. The main reasons are that they are unaware of its importance and it can be an emotional topic. Like many things in life, the hardest part is getting started. Once you have made your decisions, the financial professionals take over. This is where having an established relationship with a Newmark Group advisor is beneficial. Having someone who understands your financial situation and what is important to you provides an objective sounding board for a sensitive topic.

The Importance of Estate Planning

Many investors make diligent plans for their retirement, their children’s education and their businesses. However, after working hard to build a good life, many people avoid estate planning. Almost everyone requires estate planning, which can be as simple as a hand-written will. Professional estate planning is important for people susceptible to high estate taxes, and with heirs who may require financial help or fight over money. It ensures that one’s estate is distributed according to one’s wishes. Your estate comprises all the assets you own at the time of passing. These can include cash, securities, retirement plans, life insurance death benefits, collectables, art, real estate and business interests.

Common Estate Planning Documents


A legal document expressing your final wishes for distribution of your assets.


A legal entity that holds assets on behalf of a beneficiary or beneficiaries.

Power of Attorney

A document appointing another person, known as your ‘agent’, to act in your place.

Financial Power of Attorney

A legal document authorizing another person to handle financial matters on your behalf.

Medical Power of Attorney

A legal document authorizing another person to make medical decisions on your behalf if you are incapacitated.

Living Will

A legal document that lets you specify your medical and long-term care preferences should you become incapacitated or incompetent.

Advanced Healthcare Directive

Combines a Living Will and a Medical Power of Attorney

Planned Giving Charitable Trust

Commits assets to a foundation or charitable institution upon death but allows one to live on the proceeds while alive.