Estate planning is not a luxury or precaution solely reserved for the rich. Rather, it is a smart step for any New York person who wishes to protect loved ones and ensure the appropriate distribution of assets after death. It also involves legal protections in case physical or mental incapacitation prevents a person from making medical decisions.
If you care about what happens to your estate and preserving a legacy for your family, you need to consider estate planning, no matter your income level. Careful planning cannot only protect your loved ones from unnecessary legal battles in the future; it can provide you with much needed peace of mind.
What do you need as part of a complete estate plan?
A solid estate plan does not simply designate who will get your money after you pass away. This is a detailed, legal plan that outlines how assets will be distributed, how you wish to protect your beneficiaries and how you wish to be treated should you be unable to make important decisions. Any of the following could be a part of your estate plan:
- Powers of attorney
- Medical directives
- Living trusts
- Charitable trusts
The effort you make to prepare and protect your loved ones by building an estate plan that suits the unique needs of your family provides the following benefits:
- Ensures that the right people get the right assets
- Protects money until a beneficiary reaches a certain age
- Directs appropriate funds to meaningful organizations
- Outlines your desires for end-of-life care
- Helps your family avoid a lengthy probate process
- Possibly allows beneficiaries to avoid some probate taxes
This is important, regardless of your property holdings or job description. Failure to plan appropriately can have disastrous affects for your loved ones, and even a basic will can go a long way toward preventing difficult legal challenges for your family.
Protect your legacy; protect your loved ones
Estate planning not only protects the interests of your loved ones, but in some cases, it can maximize the amount of inheritance that you can leave behind after you are gone. No two families are the same, and it is important to tailor your estate plan to your unique needs.
By working with an experienced estate planning lawyer, you can be sure that your objectives are met and that you have the final say in what happens to your assets. Make wise decisions in the present, and enjoy the peace of mind that comes with knowing your future is secure.