Putting together an estate plan in New York is much more important than many people might think. There are quite a few issues that an estate plan can tackle, all of which are vital to your success in life and the safety of your dependents.
So, what are the benefits of estate planning? Let's take a look at some of them.
One of the most important potential benefits of an estate plan is that it can be used to name a guardian for your children should you pass away before they become adults. The estate plan could also set up a trust for your children and detail how the children can access the money in the trust.
Another benefit of having an estate plan is that you can provide for any family members who have special needs without causing an interruption in their government benefits.
Should you suffer an illness or injury that has left you incapacitated, an estate plan can have a medical directive in it that describes your wishes. These directives will assign medical powers of attorney and others who are responsible for making medical decisions on your behalf and handling your money.
An estate plan can also help minimize the amount of taxes and fees your assets will be subjected to upon your death before they are handed down to your heirs. This is known as probate.
No one should leave his or her assets and other property up to fate. An estate plan with the proper documents can help ensure that all of your property goes to the family and friends you name.
Source: Protective, "Estate Planning Basics - What Can An Estate Plan Help Me With?," accessed May 29, 2018