Friday, March 4, 2016

Who Needs Estate Planning

There are two types of individuals that should inquire into estate planning:
  • People that own property and actually care what happens to their property after their death
  • People that have minor children or are caretakers/guardians
When people think of the phrase "estate planning", they automatically think of the wealthy. Estate planning applies to just about everyone, not only the rich. There is no minimum net worth required to be allowed to plan your estate. Estate planning is warranted when you care for any of your belongings, property, and assets. Unless you are okay with the court system deciding what to do with your property, estate planning is an essential tool.
When you are the parent of minor children, estate planning is not only recommended, it should be obligated. What happens to your minor children after you pass away? Who should take care of them and raise them after your death? If you have some wealth to your name, how do you want it to be distributed to your children (in increments, in a lump sum, when they reach age 25)? You need to establish who will have legal custody of the children. You will also need to establish an adult to manage the funds that will be left for the use of the children. There can be many nuances involved with these two decisions alone which a New York Estate Planning Lawyer can help with.
It is human nature to avoid thinking about your mortality. People tend to always push off planning ahead, especially when one's death is involved. This can result into a grave mistake not only for your children, but for your spouse as well. The number one most important estate planning advice we can give is to actually start planning and get in contact with an estate lawyer today.
Remember, when you end up procrastinating proper estate planning, the people who get hurt are your intended beneficiaries. Some common issues that can occur without proper estate planning are as follows:
  • Property and assets will generally not be distributed in the way that you had intended
  • If there is no will or trust in place, property will be divided between family members as specified within state law. Suppose you have a sibling who is a drug addict, do you really want them getting an equal share of your money while your other sibling is disabled?
  • An executor or estate administrator will be appointed to rule over your assets. This decision will be made by the judge. Do you really think they will rule over your assets for free? This can get very costly.
The conclusion is this : you should have planned for your estate and death yesterday. If you are reading this, it is not too late. Get on the phone today and contact and Estate Lawyer in NY.

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