When you die, you will definitely leave all your properties behind. Those cars of yours, houses, your insurance, the money you have in those bank accounts, your investments, everything will be left behind for your family and loved ones.
An estate plan is a plan put in place manage and distribute your assets after your death or incapacitation. You can also say estate planning are plans made in preparation of one’s death.
Anyone can make an estate plan, provided you are an adult. You don’t have to be as rich as Jeff Bezos before you make plans regarding your estate. You also shouldn’t wait till when you start growing white hair before you plan your estate. The earlier you plan that estate of yours, the better for you, your family and those you love.
Planning an estate is quite easy. To make it easier you can request for the services of an estate planning attorney in New York. An estate planning attorney boast of the necessary knowledge and experience to help you plan your estate.
What will happen if you die without creating a will?
Several Americans aren’t aware of how important an estate plan is. By planning your estate you are planning for not just your future, but the future of your family. If you die without an estate plan, those you left behind will find it difficult to tap from your assets. Dying without an estate plan can be regarded as dying intestate. If you die intestate, your assets will be managed and distributed based on the intestate laws of New York.
On the other hand, if you die with a will or an estate plan, your assets will be managed and shared according to your wishes.
Issues that could plague your family if you die without a will
Family dispute, over the years, has torn several families apart. It has resulted in bad blood between two siblings, close relative, etc. With an estate plan, everyone is aware of your wish regarding your assets. Because the plan states who is to receive a certain portion of your assets, and the individual who is to execute the estate, there is always no need for misunderstanding as everything is clearly stated.
Why do you need an estate plan?
To avoid probate:
Probate is feared because it is time-consuming, complicated, and expensive. A probate process can take weeks, months, or even years depending on the circumstances surrounding the estate.
If you die without planning your estate or writing a will, you’ll be inadvertently putting your family and loved ones in a very difficult situation. Your estate will definitely undergo probate. Creating a revocable trust and transferring your assets in that trust is the best way to safeguard your asset from the difficult probate process. Estate planning is how you can get this done.
Lessen estate tax
Estate taxes can be quite expensive but you can ensure that you pay less estate tax by simply planning your estate or more specifically, creating an AB trust as part of your wills or revocable living trusts. Also, married couples and individuals can adopt some estate planning strategies to ensure that the inheritance tax bill and estate taxes are less troubling.
With an estate plan in place, you can protect minor benefices. An estate plan can also protect adult beneficiaries from making terrible decisions, from creditor issues, outside influences, etc. If the beneficiary is a little child, all stated have laws require that a guardian be chosen to cater for the needs of the minor until it becomes an adult.
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.