Having an estate plan in place is critical for individuals of all levels of net worth in New York. After all, wills — important components of many estate plans — specify how various assets will be distributed when the testator passes away. Thus, anyone with assets — whether large or small — can benefit from have estate plans.
In addition to creating an estate plan, updating the plan regularly is critical. This is especially so for wealthy individuals with holdings in multiple states and/or countries. Laws and regulations are always being created, which may provide opportunities or present obstacles. Staying on top of these laws is paramount for ensuring that an existing estate plan is accurate and continues to reflect to testator’s wishes.
Unfortunately, nearly nine out of 10 business owners who are highly accomplished have estate plans that are older than five years. These individuals may be missing out on methods of maximizing their wealth. Fortunately, this is a problem that can easily be rectified with the help of an accomplished estate planning attorney.
The idea of creating wills may be uncomfortable for some, as talking about the possibility of death is not exactly high on many individuals’ priority lists. However, the failure to create an estate plan means that the government may end up deciding how assets will be distributed, according to the laws of intestacy (as was the case with music superstar Prince). In New York, an attorney can help to ensure that one’s assets ultimately end up in the intended hands in the event of one’s death.
Source: Forbes, “Why Continuous Estate Planning Is Essential For The Rich And Super-Rich“, Russ Alan Prince, Sept. 6, 2017