If you live in New York and are nearing retirement, it’s an excellent time to consider estate planning. Doing so can help minimize expenses and taxes, ensure your property goes to the proper beneficiaries, plan for any incapacity and safeguard a business you own.
Having a last will and testament can be crucial
Having a will is vital if you want to ease the burden on your immediate family after you die. Creating a will helps facilitate the probate process, determines how your estate will be distributed and decides who will administer your estate. You can also make gifts and donations through your estate plan if you have a favorite charity.
Have a plan in case you become incapacitated
Life can come with several twists and turns. If you ever become physically or mentally incapacitated, having an estate plan can make it easier for your loved ones to know how to handle the situation. Preparing for this outcome lets you outline your wishes regarding life and who makes medical decisions for you.
Transferring property to the beneficiaries you choose
Creating an estate plan is an excellent way to outline exactly where you want your assets to go if you die. This action solidifies the transfer of assets, keeping your loved ones from disputing their inheritance in the court system. Re-examining your beneficiaries is advised when you’re creating an estate plan. It may have been decades since you began your IRA or employer plan account. Updating these plans may be necessary to reflect your current wishes.
Ensuring you have a succession plan for a business
A succession plan can be vital when you own a business and die. Otherwise, the hard work you put into your company may be destroyed. By forming an estate plan, you can name a successor and outline what occurs to your business interest.
Minimizing taxes that take place on your estate
Another benefit of implementing a solid estate plan is its ability to help reduce the amount of taxes collected on your estate. Doing so offers more money to your beneficiaries, saving it from being given to other entities.
The estate planning process can make life easier for your beneficiaries and ensure your last wishes are met.