If you ask a person what they want to be remembered for when they’re gone, they’re most likely to say something sentimental like the memories of their loved ones or the legacy they’re leaving behind in the form of their children or their life’s work. But let’s be real.
Nobody would have the time to reminisce the old days and cherish the memories they hold of you if they’re all involved in lengthy legal battles and court proceedings to get their share of your estate. This is primarily why estate planning is essential.
There are some other reasons to consider it if you’re one of the 60 percent of US adults without an estate plan.
It’s More Than Just A Will and Gives You A Voice Post-Death
An estate plan includes quite a few useful features, all of which can come really handy when you’re either dead or about to die. For starters, it, of course, has an all-essential will that will allow you to outline who’s to receive what from your assets, a guardian for your children, as well as an executor that you trust.
But besides that, an estate plan may also identify a power of attorney, medical power of attorney, and details of a living will and a trust(s).
It Can Help You Cut Down on Estate Taxes
An estate plan is all about making life easier for your loved ones after your death, and reducing taxes for them is a great way to do that. If you hire an experienced estate attorney, they will help you with an estate plan that helps to minimize the tax burden as much as possible for your beneficiaries.
In the absence of an estate plan, your heirs will pay all sorts of federal taxes, state-specific estate taxes, and state inheritance tax. There might be nothing left at the end of it.
Helps Avoid Family Feuds
If you have a large and complicated family, as most people do, the absence of an estate plan could wreak havoc. Between your siblings, children, their spouses, your current and ex-spouses, grandchildren, and the grandchild that you didn’t even know existed, there will be quite a mess when it comes to your estate.
Having an estate plan that highlights an executor could help avoid such arguments before they’re started by strictly outlining who gets what and how.
So, whether you’re rich, poor, old, young, married, single, or childless, having an estate plan is a must.
Our Estate lawyer Brooklyn and Estate lawyer Queens can help you devise a good estate plan.
Get in touch with us to start estate planning according to the laws of NYC.
Ledwidge & Associates
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