When a person begins to realize that he or she is not invincible and that death can strike at any moment, the importance of estate planning can become a reality. Even though death is not a pleasant topic, the idea of not being prepared in the event may cause anxiety. Most people in New York do not want to leave their close family members without access to their remaining assets. Research shows that proper will execution is important at any age and at any income level.
The complex process of probate may cause a person’s assets to be dispersed to unintended individuals if a person does not have a will in place prior to his or her death. Not having a will can lead to stress and hardship for family members who are already grieving over the death of a loved one. Many believe that estate planning is only a necessity for wealthy individuals, but this is not true.
In addition, people of all ages need estate plans — even those who are as young as their 20s. This is because a will can include a medical directive, which is necessary if the person becomes injured or ill unexpectedly. Young couples also need estate planning to make sure that their property ends up in their children’s hands and that their children are cared for in the event that both parents die.
Will execution allows people in New York, regardless of their stage in life, to be confident that their loved ones are taken care of when they die. A will can essentially be a gift to grieving family members, as they can effortlessly enjoy the assets that have been reserved for them. They can also avoid having to deal with the troubling uncertainty of what should happen to valuable items that their deceased loved one worked hard to procure.
Source: statesmanjournal.com, My passion: Importance of estate planning , Eden Rose Brown, Nov. 9, 2013
Ledwidge & Associates
