I’m at the age where just about everyone I know is either getting married or having a child. These are joyous occasions. It’s tempting to bask in the moment and expect everything to continue to work out perfectly.
While you certainly shouldn’t take these moments for granted, you shouldn’t take planning for the future for granted, either. Things can happen. Don’t leave your new family in a bad position should something happen to you.
An estate plan, a will, and beneficiary designations are crucial components to planning for the future and getting your affairs in order.
Estate planning involves taking steps to ensure that your assets and properties are distributed according to your wishes when you pass away. It includes drafting a will, setting up trusts, designating beneficiaries, and establishing powers of attorney. Estate planning also involves taking steps to minimize your estate’s tax burden, and to protect assets from potential creditors. Given the inordinate tax burden most New Yorkers experience, this makes planning your estate all the more important!
One of the most important aspects of estate planning is drafting a will. A will is a legal document that specifies how your assets will be distributed upon your death. Without a will, your assets will be distributed according to state laws, which will most likely not reflect your wishes. For instance, if you have children from a previous relationship, a will can ensure that child receives a portion of your estate in an amount designated by YOU. Not having a will leaves that decision in the hands of a Surrogate’s Court judge who likely has not and will not ever meet you between now and your death.
If you have minor children, estate planning is especially important. You should consider naming a guardian for your children in case something happens to you and your spouse. A guardian is someone who will take care of your children and make decisions on their behalf. You should also consider setting up a trust for your children to ensure that their financial needs are met in the event of your untimely death.
Getting your affairs in order early in life has several benefits. First, it provides peace of mind knowing that your wishes will be carried out in the event of your death. No overbearing court clerk, judge, or bureaucrat will have a say in who gets what from your estate.
It also ensures that your loved ones are provided for, and minimizes the risk of family disputes over your estate. Estate planning can further help you to minimize tax liability. It can help protect your assets from potential creditors.
Don’t wait until it’s too late to get your affairs in order. Start planning for your future today!
For the month of April 2023, Esagoff Law Group, P.C. is proud to offer an estate planning package to individuals and couples alike!
Each package will include:
- A Last Will & Testament;
- A Living Will;
- A Healthcare Proxy; and
- A Power of Attorney
The cost for an individual estate plan is $999. A couples’ plan is just $1499.