When you have time to think about your future and your desires if you were to pass away today, chances are you have some specific requirements for how you would like things to be handled by remaining family members. While planning your estate in New York may seem trivial if you are young and thriving, the earlier you begin to make arrangements, the more confident and prepared you can be as you age.
An estate plan is a critical part of preparing for your future as it provides you with the opportunity to clarify your wishes to your family and friends. A well-rounded estate plan will address many different aspects of your life ranging from naming beneficiaries and heirs, to coordinating qualified care for dependents to determining the types of health decisions you want to be made if you are ever incapacitated and unable to communicate with health care providers.
According to Forbes, one of the big reasons why estate planning is important is because it is a way to prepare your family for your death as well. You can provide valuable information to your family and give them the resources they need to be able to claim your inheritance without running into confusion along the way. Planning an estate is also a way for you to protect the money and possessions that you have worked so hard to accumulate during your lifetime. Other benefits include the ability to minimize how much your family has to pay in transfer taxes, as well as the opportunity to designate responsibilities to people who can execute your plan when you pass away.
The information in this article is intended for educational purposes only and should not be taken as legal advice.
