Utilizing the Property Plan to Set up Your Legacy – New York Property Planning Lawyer Weblog – Nov 19, 2020
Estate planning is important if you want to leave a lasting legacy to loved ones. Despite its importance a survey however, from Caring.com found that the number of adults in the US is more involved than ever in estate planning. The study found a 25% decrease in the number of people who have had wills or similar documents since 2017. Remember, estate plans are not made for the originator but are made for the benefit of loved ones and, among other things, avoid placing your family members and friends in the difficult position of making healthcare decisions for you should you become incapacitated. Hoping that you can start writing an estate plan today, this article lists 5 key facts about estate planning.
# 1 – Estate planning is for everyone
Estate planning is designed to protect both the creator and loved ones in the event of incapacity for work or death. Despite what some people think, estate planning isn’t just for the rich. If you have any type of fortune or are interested in having a say in the type of health care you will receive if you become incapacitated, estate planning is worth it. While estate planning can be used to make decisions about the health care you will receive and who will receive your wealth, many people overlook estate planning because it can be difficult to face your mortality rate, especially during a global pandemic.
# 2 – If you don’t have an inheritance plan, it means undesirable results
Simply put, if you don’t create an estate plan, the chances of your loved ones arguing over your estate and end-of-life care are huge. Without New York’s estate plan estate Laws govern how your wealth should be divided after your death. This means that you have absolutely no say in the division of your belongings. While it may seem like an uncomfortable process, by determining who should get your wealth now, you can eliminate the possibility of your wealth being inadvertently distributed later.
# 3 – Getting started is the hardest part
After starting the process, many people find that creating an estate plan is easier than they suspected. The process often starts with assessing your belongings as well as the needs of loved ones. This step is often where an inventory of your assets is carried out. Many people then choose to retain the assistance of a qualified estate planning attorney who can distinguish a person’s estate planning goals and what estate planning documents can be used to most easily achieve those goals. Remember, while estate planning attorneys have a thorough understanding of the estate laws, it is ultimately your estate plan and there is an attorney out there to help you achieve your goals and address any concerns you may have.
Contact an experienced estate planning attorney
When done correctly, estate planning is a powerful tool and can fulfill complex needs. Therefore, if you are interested in getting the most out of your estate plan, don’t hesitate to speak to a knowledgeable attorney. Contact the Law firm Ettinger today to schedule a free case assessment.