If tragedy struck and you were to pass away suddenly, would your loved ones have enough to pay the bills? Is there a plan in place for how your assets should be divided or how the family business should be run after you are gone?
If you don’t come up with an estate plan ahead of time, our Brooklyn estate planning attorney says, the state of New York will end up making these sorts of decisions for you.
How Estate Planning Protects Your Loved Ones
Estate planning is an absolute necessity for New Yorkers of any age, no matter your wealth level or current health status. Dying without an estate plan in place can leave your children and spouse in limbo—unsure of how to cover costs or what will remain within the family at a time when they are already in a state of grief.
One of the main benefits of estate planning is avoiding the probate process as much as possible. Letting the state decide what happens to your assets during probate is time-consuming, expensive, and emotionally draining.
An estate plan focuses on protecting what you earned over your lifetime by reducing taxes on assets, as well as making sure your heirs and survivors are cared for. Making your wishes known and putting a legal plan in place additionally helps to avoid family disputes and takes out the guesswork.
You can accomplish these goals by working with an attorney to craft a comprehensive estate plan that covers:
- Assigning guardianship for children
- Creating trusts for dispersing assets according to your wishes
- Drafting a will and naming an executor
- Ensuring heirlooms go where you want
- Granting power of attorney if you become incapacitated
- Making sure special needs dependents are cared for after you are gone
- Planning for health emergencies with advanced medical directives
- Preparing for long-term care through Medicaid
- Protecting your family from unnecessary tax liability
Don’t Let DIY Estate Planning Mistakes Derail Your Family’s Future
What works for one family in Brooklyn might not be helpful at all for another in Staten Island. An effective estate plan needs to reflect your specific needs and be tailored to your unique financial and family makeup. Find peace of mind by contacting Alatsas Law Firm and scheduling a consultation with our experienced estate planning attorney.