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Wills important to more than just the extremely wealthy

In the minds of many in New York, estate planning is necessary only for those who are extremely wealthy. However, creating wills is invaluable for anyone with an asset or loved ones. For instance, estate plans are relevant to those who own homes, have grandchildren or children, have elderly parents and have bank accounts.

Estate plans are designed to protect families when the creators of the estate plans pass away. Many items can be included in these types of plans, with one of the main ones being the last will and testament. A will explains what its creator's final wishes are. However, A Gallup poll indicated that just 44 percent of adults in the United States had last wills and testaments in 2016.

Also important to consider during the estate planning process is beneficiaries on accounts that are tax deferred. These accounts will end up passing directly to the beneficiaries outside of a will. Such accounts include retirement accounts and life insurance. In addition to creating an estate plan, reviewing the plan regularly is important to ensure that it remains accurate and up to date based on one's current life circumstances.

Creating wills may seem like a morbid task, or yet another thing to add to an already-full to-do list. However, estate planning is paramount for protecting one's assets and the best interests of one's loved ones, especially minor children. An attorney in New York can help with the process of drafting wills and other essential estate planning documents to meet one's unique needs.

Source: memphisdailynews.com, "Estate Planning -- It's Not Just Taxes", Ray and Dana Brandon, June 23, 2017

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