Estate planning is vital if you want to leave a lasting legacy to your loved ones. Despite its importance, a survey by Caring.com, however, revealed that the number of adults in the United States than ever before are engaging in estate planning. The study found a 25% decrease in the number of individuals that have wills or similar documents since 2017. Remember, estate plans are not made for the creator, but instead are created for the benefit of your loved ones and among other advantages can avoid placing your family members and friends in the difficult position of making healthcare decisions for you in case you end up incapacitated. In the hopes of getting you started on writing an estate plan today, this article reviews 5 fast facts to remember about estate planning.
# 1 – Estate Planning Is for Everyone
Estate planning exists to protect both the creator as well as loved ones in case of incapacity or death. Despite what some people think, estate planning is not only for the wealthy. If you own any type of assets or are interested in having a say in the type of healthcare that you receive if you become incapacitated, estate planning is worth utilizing. While estate planning can be utilized to make decisions about the healthcare you receive and who will receive your assets, many people overlook estate planning because it can be difficult to face your mortality, particularly during a global pandemic.
# 2 – Not Having an Estate Plan Means Undesirable Results
Simply put, if you fail to create an estate plan, the odds of fighting among your loved ones about your estate and end of life care is significant. Without an estate plan, New York’s probate laws will determine how your assets should be divided after your death. This means that you will have absolutely no say in how your belongings are divided. While it might seem like an unpleasant process, by designating who should receive your assets now, you can eliminate the possibility that your assets are dispersed in an unintended manner later.
# 3 – Getting Started Is the Hardest Part
After they begin the process, many people discover that it is easier than they suspected to create an estate plan. The process often begins with assessing your belongings as well as your loved one’s needs. This step often involves making an inventory of your assets. Many people then decide to retain the assistance of a skilled estate planning attorney who can distinguish a person’s estate planning goals and what estate planning documents could be used to most easily achieve these goals. Remember, while estate planning attorneys have an intricate understanding of estate laws, ultimately it’s your estate plan and an attorney exists to help achieve your goals as well as resolve any concerns you might have.
Contact an Experienced Estate Planning Lawyer
If done correctly, estate planning is a powerful tool and can achieve complex wishes. As a result, if you are interested in making the most of your estate plan, you should not hesitate to speak with a knowledgeable attorney. Contact the Ettinger Law Firm today to schedule a free case evaluation.