Unfortunately, many people are unaware of the importance of creating an estate plan and often assume this is only necessary for the wealthy or elderly. However, this is far from the truth, because, in reality, everyone can benefit from having an estate plan. If you’re still unsure whether or not you should create an estate plan, the following blog explores what happens if you pass away without one. Additionally, you’ll learn what to include in your plan and why connecting with a Nassau County estate planning lawyer is critical for these matters.
What Happens if I Don’t Create an Estate Plan?
Whether you assume you’re too young or don’t have enough assets to warrant creating an estate plan, it’s important to understand what will happen if you do not have a plan. Generally, if you pass away without a plan in place, you’ll technically pass away in “intestate.” This means the state will take control of your assets and distribute them according to the New York intestate line of succession. As such, relatives may be entitled to a portion of your estate, even if you don’t want them to receive an inheritance.
Generally, anyone who has any assets and is over 18 can benefit from creating an estate plan, or at the very least, a last will and testament.
What Should I Include in My Plan?
If you are ready to plan your estate to protect yourself, your assets, and your beneficiaries, understanding what documents you should include is critical. Generally, the most important document you’ll need to include is a will. This foundational document determines what you want to happen to your assets and how they will be distributed.
Additionally, you’ll want to consider the importance of creating an advance healthcare directive and appointing a medical power of attorney. These two work in conjunction with one another – the directive allows you to explicate your wishes while the power of attorney allows someone of your choosing to make medical decisions on your behalf.
Finally, you may want to consider creating a trust fund as this can help ensure that your loved ones are cared for without putting them at risk. For example, if you have a loved one with special needs, creating a trust fund can ensure they receive a portion of your estate without disqualifying them from the government benefits they need. Additionally, this is ideal for children who may not be old enough to handle a large sum of money responsibly.
Estate planning can be overwhelming if you aren’t sure where to start. As such, connecting with an experienced attorney from Barrows Levy PLLC can help you through these complex issues. Our team is dedicated to helping you explore your options so you can feel confident making the right choices for your future and family. Contact us today to schedule a free consultation.
