It is natural to think about how various assets will ideally be distributed to ministry organizations and loved ones in the future. However, a common misconception is that addressing these matters in wills is necessary only for the super wealthy. In reality, estate planning is an important process for everyone in the state of New York.
One important reason to establish an estate plan is to create financial security. Last wills and testaments allow the owners of estates to direct how they want their assets distributed as well as to whom, no matter what the amount may be. If these estate owners do not have personal wills, state law will decide who will receive their assets.
Another important reason for having estate plans is that they help people to define care for themselves. This is possible through documents such as healthcare proxies, powers of attorney and living wills. These legal documents essentially explain the kind of care desired in the event of incapacity.
A large and complex estate understandably requires estate planning to make sure that all aspects of the estate are addressed appropriately. Still, a small estate requires even greater care to prevent unnecessary expenses. Estate planning also helps with retaining the most resources for fulfilling the small estate owner’s charitable, personal and financial goals. However, the process can be complicated, as it can involve multiple documents and areas of focus, depending on the family situation. An attorney can assist with the process of drafting wills that accurately reflect estate owners’ wishes and goals in the state of New York.
Source: westernrecorder.org, “4 reasons an estate plan is beneficial“, Richard Carnes, April 4, 2017