Estate planning is important, to not just the rich, but the poor as well. A good estate plan can help you and your family in several ways. It can help in distributing your assets according to your wish, it can help safeguard families with minors and it can also stop beneficiaries from overpaying on taxes. A good estate plan is the best way to care for your family even after your demise.
Below are a few importance of estate planning;
With an estate plan, you can select who inherits your assets:
When you die, your assets will need new owners. That car of yours will need a new owner, your houses, private jet, will all need new owners. By planning your estate, you can designate individuals who you feel are worthy to inherit the assets you’ll be living behind.
Without an estate plan, it is the duty of the court to decide who receives your assets. This will be done based on the intestate law of New York and it’s not a process you’ll like. Family feuds may arise, lawsuits, etc.
Eliminates your pre-written will
Whether you believe or not, the state of New York has a default will drafted for you. This default will can be regarded as the intestacy statute and it wouldn’t distribute your assets in a way you’d like. With an estate plan in place, you can eliminate this pre-written will. There is joy in dictating how you want all that you have worked for to be shared among your family and loved ones.
An estate plan can help protect minors
No one wants to imagine dying young, especially those with little children. But, what if this happens? How do you cater for your kids? What will happen to them when you are gone?
If you have little children, it is best you are prepared for such scenario and the best way to get prepared is by planning your estate. You will have to set up a will, which is a little portion of estate planning.
Prevent family feud
Family feud is quite common and can be as a result of several issues, be it minor or severe. One of the most prevalent causes of family feud in this modern age can be narrowed down to the assets of a deceased.
If an individual dies without an estate plan, the family, friends, and loved ones of the deceased will all scramble for a portion of his or her estate. There will be lots of lawsuits, misunderstandings, brawls, that could lead to severed relationships within the family, or worse, injury. If you die with an estate plan, the tendency of an uprising within the family is little compared to when you die without one. All your wishes will be clearly stated in your will and everyone will be obliged to obey them.
Prevents probate
Probate can be quite difficult, time-consuming, and long. When you die, your assets can’t be distributed without the probate process. The probate process is often done to determine the authenticity of your will. It is after the probate process that your assets can be distributed to the designated beneficiaries.
If you die without a will, the probate process is unavoidable. To escape the probate process, you will have to create a revocable trust and then move your assets into it while you are still alive. This is one of those little strategies that comes with planning an estate.
Estate Planning Lawyer
When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state.
If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best estate planning attorney.