Do you want to have a say on what will happen to your estate when you pass on? Do you want to prevent the government from determining the fate of your assets? If your answer to these questions is yes, then you need to have an estate plan.
An estate plan is a document that outlines how you want your assets managed and distributed after your death. Here are two reasons why you need to have an estate plan of your own:
It gives you control over the future
An up-to-date estate plan can save your potential heirs from fights over your estate. And where beneficiaries are minors, an estate plan allows you to designate a guardian who will oversee their inheritance until they turn 18 years of age.
If you pass on without leaving a will in New York, the state’s intestate laws will determine who receives your assets — and that may not divide things up the way you’d prefer.
It will save your heirs time and money
Dying without an estate plan means that it will take much longer to administer your estate. Additionally, taxes and probate fees will eat up a huge chunk of your estate, thus reducing what you are able to leave behind for your dependents. Careful estate planning can help you avoid costly probate fees and unnecessary taxation or financial waste.
It is almost certain that everyone has some form of assets and dependents. And the best way to protect your assets and loved ones is to draft an estate plan that will protect them. A carefully written estate plan can give you peace of mind knowing that your assets will be distributed based on your wishes when you are no longer capable of making crucial decisions.