Estate & Legacy Planning
Wills, Trusts, and Estates
Planning For Everyone You Love and Everything You Have
Here is the first question you need to ask yourself when deciding whether or not you need an estate plan:
Do you really know what happens, legally, to your loved ones, your money, and everything else you care about if something unexpected were to happen to you?
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If you do not know exactly what would happen to everyone you love and everything you own, then the first step is to find out exactly what would happen legally and financially so that you can decide if you are happy with the current state of your affairs.
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Here are the facts: If you suddenly pass away without plans for your estate, your family will need to probate your estate in court, which means that your state’s laws will determine which of your immediate relatives (spouse, children, parents, and siblings) can inherit your property and how much they’re entitled to inherit, regardless of what you actually want or were considering while you were alive.
Most people want to avoid this scenario not just because they want to divide their estate according to their preferences, but because it can create a costly, time-consuming, and confusing court process for their family to navigate. If you have minor children, probate court is also tasked with assigning them to a guardian because you left no preferences for whom you wish to care for your kids. Sometimes, this guardian can be a relative you don’t trust – or even a stranger.
You might be thinking that you’re too young, healthy, or don’t have enough money to think about estate planning right now. It’s an unfortunate myth that estate plans are only for some people when in fact everyone should have something planned for the future.
Every person should, at an absolute minimum, have a will in place. A will can be a relatively simple document that establishes your wishes regarding the distribution of your assets when you die. A will may also specify other wishes you have, such as instructions for the care of minor children.
Many people, however, need a comprehensive estate plan that goes much further than just a will. Not only can an estate plan provide instructions for the distribution of your assets, but it can help you and your loved ones pay substantially less in taxes, court costs, and fees. A carefully crafted estate plan can also protect the gifts you leave to your loved ones from creditor claims, taxes, divorce and other disasters. To accurately determine your estate planning goals and needs, you should schedule an appointment with an experienced estate planning attorney in NYC.
GUIGA LAW CAN HELP
