An alarming number of Americans do not have any type of estate plan in place. A recent survey cited by the AARP found that six in 10 adults in the United States do not have a will, living trust, or any other basic estate planning documents. Notably, people between the ages of 18 and 50 were especially likely to lack an estate plan.
Estate planning is a crucial process that involves organizing your assets and deciding how they will be distributed after your death. Although it might seem like a concern for the future, starting early can significantly simplify the process and ensure your wishes are fulfilled. Proactive estate planning helps protect your family’s future, minimizes legal complications, and can even provide peace of mind, knowing that your affairs are in order. Whether you’re young or old, estate planning is a wise step towards securing your financial legacy and relieving potential burdens on your loved ones.
If you’re considering incorporating estate planning into your plans, you might wonder about the right age to start, or whether having a will is enough. An experienced New York estate planning attorney can provide valuable assistance in developing a plan tailored to your specific needs and goals. Don’t wait for the perfect moment; the best time to plan for the future is now. Contact us at (833) 616-4646 to schedule a consultation.
What is Estate Planning?
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. While it may not be a comfortable thing to think about, estate planning is fundamentally about protection. Among other things, an estate plan should:
● Provide clear, straightforward instructions to your family;
● Prepare property and assets for distribution to your selected beneficiaries; and
● Protect the well-being of you and your family members—no matter what might happen.
As noted above, every adult can benefit from an estate plan. That being said, estate planning is especially important for certain people. It is crucial that you know some of the big signs that suggest it is time to begin the estate planning process.
What is the Purpose of Making an Estate Plan?
An estate plan is essential to ensure that your assets are distributed according to your wishes after you pass away. Without such a plan, state laws will dictate the distribution of your assets, which might not align with your personal preferences. Additionally, in the absence of a will or an estate plan, the courts will decide who gets custody of your minor children, which might not reflect your intentions accurately.
The purpose of estate planning extends beyond specifying who inherits your assets. It is also about protecting your loved ones from possible legal complications and financial burdens. Estate planning allows you to minimize possible income, gift, and estate taxes, maximizing what your beneficiaries receive. It provides a structured plan that can help avoid family disputes and ensures that your heirs are taken care of according to your wishes.
Moreover, estate planning is beneficial for everyone, not just the wealthy. It involves creating wills, setting up trusts, designating beneficiaries for insurance policies and retirement accounts, establishing durable powers of attorney, and health care directives. These documents are crucial for managing your affairs if you become incapacitated, ensuring that your health and financial decisions are handled by trusted individuals.
The purpose of creating an estate plan is to ensure that your personal and financial matters are handled according to your wishes, providing peace of mind to both you and your loved ones. A skilled Manhattan estate planning attorney can guide you through the intricacies of creating a comprehensive estate plan tailored to your unique needs. Contact Sishodia PLLC today to learn how we can help you achieve peace of mind with a well-crafted estate plan.
What is the Difference Between a Will and Estate Planning?
Estate planning is a term used to describe the complex processes involved in protecting and distributing assets after an individual’s death. While a will is an essential part of estate planning, it is not the only document involved. An estate plan is comprehensive and includes legal documents that are effective during an individual’s lifetime, as well as those that only become effective after their death.
Unlike other documents in an estate plan, a will only becomes effective after the individual who created it has passed away. It outlines the distribution of assets to beneficiaries, identifies who will be responsible for managing the estate, and details any specific requests or final wishes the individual may have. However, other legal documents, such as trusts and powers of attorney, are often used in conjunction with a will to ensure the smooth management and distribution of assets before and after an individual’s passing.
If you want to ensure that your assets are distributed according to your wishes, it is critical to seek the legal help of an experienced estate planning lawyer. At Sishodia PLLC, our team of New York estate planning attorneys may be able to help you create a thorough estate plan that provides additional safeguards and benefits for you and your beneficiaries. Call us at (833) 616-4646 to learn more about how we can help.
Three Big Signs That You Need an Estate
1. You are Getting Married
Are you getting married? If so, it is a good time to set up your estate plan if you do not already have one in place. Marriage is a major life event. You can personalize your estate plan to ensure that it is best suited for the unique needs of you and your spouse.
2. You are Having or Adopting a Child
If you and your spouse are having a child or adopting a child, it is imperative that you have a comprehensive estate plan in place. Your estate plan should provide the maximum possible protection to your child—including ensuring that they are properly cared for if you or your partner are not in a position to do so.
3. You are Planning on Buying Property
For most people, real property (real estate) is the most valuable asset that they will own. If you are purchasing a home or any other type of property, is it crucial that you have the right estate plan in place. You will want to make sure that your property and assets are best protected should anything happen.
| 3 Big Signs That You Need an Estate | Description |
|---|---|
| Getting Married | Marriage is a significant life event and a good time to establish or update your estate plan. You can tailor your plan to meet the needs of both you and your spouse, ensuring that your assets are distributed according to your wishes. |
| Having or Adopting a Child | Having or adopting a child is a crucial time to create an estate plan that provides protection for your child’s future. Your plan should address guardianship, financial support, and other important considerations to ensure your child’s well-being. |
| Planning on Buying Property | Real property is often a person’s most valuable asset. If you’re purchasing property, it’s essential to have an estate plan in place to protect your assets and ensure they’re distributed according to your wishes in the event of your passing. |
Get Help from an Estate Planning Professional
Estate planning is complicated, but you do not have to figure everything out on your own. With help from an experienced estate planning attorney, you and your family can find a true sense of peace and security. To find out how an attorney can help you, contact Sishodia PLLC today online or by calling (833) 616-4646.
