Although people in New York usually do not like to talk about death, engaging in estate planning is critical for families of all sizes. People simply do not know how long they will be alive, so it is wise to be prepared for the worst-case scenario. When there are no wills or trusts, those who are left behind after the deaths of their loved ones will not know how to pick up all of the pieces of the deceased individuals’ financial lives.
An estate plan is designed to ensure that the right quantity of money gets to the proper people at the correct time. With no advanced planning, an individual might not have a say in who will get what assets, and some of the person’s assets may go to unintended recipients. This is why estate planning is for people at all monetary levels, not just for those who are wealthy.
Estate planning might actually be more critical for those who have modest estates, as the final expenses will unfortunately have a much bigger impact on their estates. People with large estates may find that the process of developing an estate plan is complex, which is why proper legal guidance is paramount. Consulting with financial planners for advice may also be helpful.
Creating wills or trusts is especially important for people who have minor children or those with property in two or more states. Estate planning is also essential for those who wish to avoid probate or have privacy concerns. An applied understanding of the law may help all of these parties create comprehensive estate plans that reflect their personal wishes and meet their family members’ needs in New York.
Source: napavalleyregister.com, “Make an estate plan“, Tom and John Mills, Dec. 6, 2015