One of the most common financial mistakes is the incorrect assumption that one does not need an estate plan if that individual is not wealthy. In reality, every person in New York and elsewhere can benefit from an estate plan regardless of his or her financial standing, income and savings accounts. This step can include drafting wills and establishing trusts, providing much needed peace of mind for family members.
Wills are one of the most common ways that people distribute and protect assets. While these are beneficial, they only come into effect once a person passes away. There are other important issues that must be considered and addressed in order to lay the foundation for security and stability, even before the end of a person's life. For example, every individual should implement plans for long-term health care into their estate planning.
A solid estate plan should include provisions for care should an individual become incapacitated due to illness or injury. A plan should also include measures to protect wealth and keep assets within the family. They can be built according to a person's individual needs and wishes. By working with an experienced lawyer, a person can be certain that their estate plan matches their unique circumstances.
New York readers also know that estate plans must be updated as life circumstances change. Marriage, divorce, illness or a sudden, major change in a person's financial situation are grounds for having estate plans adjusted and updated. If a person has questions about wills, trusts, medical directives or other concerns, he or she can get answers from an experienced estate planning attorney.
Source: cnbc.com, "The Greed Report: Not a billionaire? You still need an estate plan", Scott Cohn, Sept. 22, 2016