When individuals in New York are young and healthy, it is easy for them to overlook the value of estate planning. However, failing to create an estate plan is a major mistake. Estate planning, which may involve creating wills or setting up trusts, is critical for ensuring that a person's assets end up in the hands of those whom he or she intends to receive them in the event of his or her death.
Many Millennials do not know what estate plans are and why such a plan is vital for a family with children. It is for this reason that a lot of young professionals do not have their monetary affairs in order. A detailed estate plan is necessary to protect a person's spouse and his or her kids from monetary challenges, thus providing the person with total peace of mind.
An estate plan is even important for single people because every person, whether single or married, has belongings and assets that he or she would be wise to designate in advance. Without an estate plan, a person may end up subjecting his or her family to probate court proceedings that can be drawn out. This could be costly and cause emotional turmoil among family members that may have long-ranging negative effects.
The estate planning process in New York can be complex, and the rules that govern inheritance are strict. If individuals do not take these rules seriously when setting up wills and trusts, they may be inviting serious problems for their surviving loved ones. Appropriate legal guidance may help individuals to develop estate plans that will best meet their needs and take care of their loved ones' needs long term.
Source: thestreet.com, "Why Millennials and Generation Xers Need to Worry About Estate Planning", James Salter, Nov. 24, 2015