Unfortunately, many underestimate the benefits of estate plans, claiming they don’t have enough funds to warrant creating one or have time to dedicate to planning. If you believe you have no use for estate planning, you’ll want to keep reading. This blog explains why this is so important and the benefits of an estate plan. You’ll also discover how a Nassau County estate planning lawyer can assist you with this complex but crucial legal matter to ensure your wishes are met.
Why Is Having an Estate Plan Important?
If you pass away without an estate plan, everything you own will be put in the hands of the state of New York to distribute. Essentially, this means you have died intestate. When the state is in charge of your property, they must probate your asses, which can take a considerable amount of time. Similarly, they will distribute your assets according to New York’s intestate succession laws, meaning your assets will be distributed in a way that may not align with your wishes.
Having an estate plan allows you to ensure your assets are distributed to beneficiaries of your choosing. Additionally, you can choose what they receive, giving you greater control over your property. For example, you may not want one of your children to receive any assets from your estate because they are estranged. If you do not have an estate plan, they could be entitled to the same portion of your property as your other children. However, by creating a plan, you can explicitly write that they are prohibited from inheriting any part of your estate.
How Can I Reap the Benefits of an Estate Plan?
If you want to ensure you can benefit from having an estate plan in place, working with an attorney is critical, as there are so many options you can consider before deciding which documents you want to create.
While a will is one of the most popular plans, you may also want to consider establishing a trust fund. This can help prevent assets from going through probate and provide greater control over how and when the assets are distributed.
Additionally, many are so concerned with protecting their loved ones that they forget to consider themselves. One of the most considerable benefits is that planning an estate allows you to create a medical and financial power of attorney. Essentially, this gives someone the ability to act on your behalf in certain financial circumstances if you become incapacitated. In medical terms, this gives someone the power to make medical decisions for you based on your wishes. This ensures you receive the care you want.
However, if you’re ready to establish a will, trust, or power of attorney, it’s essential to ensure you have the assistance of an experienced lawyer to guide you through this confusing and document-heavy process. At Barrows Levy, PLLC, we understand this can be overwhelming. That’s why we’ll explain all of your options and answer any questions you have to help you feel confident in your decisions. Contact our team today to get started.