Four Causes Everybody Wants an Property Plan – New York Property Planning Lawyer Weblog – Mar 24, 2021
Every year the news is full of stories of high profile celebrities who die without proper planning and, as a result, have assets embroiled in lengthy and costly litigation. While many people have plots of land smaller than well-known celebrities, estate planning for these individuals is vital. After all, many people see value in giving away assets and helping family members. While people often see the value in estate planning, a common mistake is made when they don’t create some kind of estate plan.
While everyone should create an estate plan, it is understandable that people would delay creating it. After all, estate planning almost always involves considering the terms of your death, which can be a difficult thought for many people. Despite the possible excuses, there can be undesirable results if you die or become incapacitated without an estate plan. This article lists some critical reasons why you are likely to need to create an estate plan.
# 1 – Formulate your goals
Life is full of myriad unexpected developments, including marriages, moves, career changes, and deaths. Legal changes can also affect estate plans. Any of these events can cause people to change their goals, which often means they need to update their estate planning documents appropriately. For example, you can change your perspective on who should be a beneficiary of your estate or how many assets you want to give to a specific beneficiary.
# 2 – Find your assets appropriately
Different assets, including retirement accounts, broker accounts, life insurance policies, and bank accounts, require different actions. It is just as important to know which amounts and which amounts are passed on to whom. It is also important to consider the financial status of your loved ones.
# 3 – Avoid disputes
Many people are familiar with the family struggles that can arise after a person dies. In addition to time and financial issues, failure to create an estate plan can lead to it significant conflict for you and your family. Making fundamental decisions, including who will make care decisions if you become incapacitated and how assets are allocated, can be avoided by fully spelling these details out in your estate plan.
# 4 – cut taxes
The possibility of losing a significant portion of your estate to federal and state taxes should be the only reason to come up with an adequate estate plan. With the right strategies, married couples can lower or even avoid estate taxes. With the right estate planning techniques, it is also possible to reduce the inheritance tax burden on your children or grandchildren. For example, you might choose to use a living trust combined with a living will and the last will to avoid taxes.
Don’t hesitate to contact an estate planning attorney
If you need help navigating the estate planning process, please contact a knowledgeable estate planning attorney who can guide you through the process. Contact Law firm Ettinger today to schedule a free case assessment.