What is estate planning?

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What is estate planning?

An estate plan is a plan made to manage and distribute ones assets after death or incapacitation. This plan is usually done by an estate proprietor when alive; it then comes into effect after the death or incapacitation of the individual.

When you die what happens to the cars, investments, insurance, and houses that you owe? They go to certain people in your life, right? Well, the process isn’t as easy as it seems.

Your brother, wife, husband or children cannot just lay claim to your properties after your demise. It isn’t legal. Due process have to be followed to ensure that your properties are not only passed down to the right beneficiaries, but to also ensure that all unpaid debts, due taxes, etc. are settled.

A good estate plan doesn’t just concentrate on beneficiaries, it also focuses on the estate owner, you. When making plans regarding how you ought to distribute your wealth to your family members and loved ones, it is important you consider your wellbeing as well. Should you become incapacitated without writing a will or planning an estate, you won’t have a say regarding who is to make crucial health care decisions while you remain incapacitated

What will happen if you die without writing a will in New York?

Would you like the thought of someone dictating how your estate is to be shared and managed? I doubt you wouldn’t like that. Well, that is exactly what would happen if you die without will. The government will have no choice but to distribute your assets based on the intestate law of New York. You nor your living spouse won’t have a say regarding how your assets are to be managed or shared. This can result in misunderstanding between family members, lawsuits, damaged relationships etc.

If you die without a will, the surrogate court in New York will designate an estate executor on your behalf, the court will also select a guardian for those little children of yours. Also, with a will, you can make the necessary plans that can help prevent estate taxes, and create trust for your children including other beneficiaries.

Importance of Estate Planning

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.

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.

 Contact an estate lawyer today.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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