Many people in New York put estate planning on the back burner, as they do not view it as an immediate need. However, putting off the creation of wills and trusts is not a wise idea, as death can strike at any time. Here is a look at what estate planning involves and why it is so critical to complete.
Estate planning is essentially the process of planning for the distribution of assets when one dies. The purpose of this process is to protect people’s family members from any complications related to their finances and assets when they pass away. Even if people do not have many assets, or if they have debts, they receive the same exact privileges that wealthy individuals do when it comes to their assets’ disposal upon their deaths.
If a person fails to create an estate plan, a judge must appoint somebody to handle his finances and assets when he or she dies. Because an outsider will likely be appointed, this may complicate the process and cause it to drag out. Having an estate plan in place will ensure that a person’s assets will end up in the intended hands as quickly as possible when he or she passes.
A common mistake that people in New York make is thinking that only the elderly or rich individuals need to create wills or trusts. The reality is that adults of all ages can benefit from estate plans, especially those who have young children or other individuals who are dependent on them. An attorney in New York can walk estate owners through the estate planning process, so that their assets and their loved ones’ best interests will be protected long term.