Understandably, it is by no means an enjoyable task to get your affairs in order and think about the day when you, unfortunately, pass on. However, if you do not step up to this great responsibility, you may just leave your loved ones to carry this heavy burden. Continue reading to learn the benefits of establishing certain estate planning documents and how an experienced Putnam County estate planning attorney at The Law Office of Andres D. Gil, PLLC can lead you through the process.
What are the benefits that come with establishing certain estate planning documents?
For one, establishing estate planning documents allows you to make sure that your wishes are met when you are no longer around to have a say yourself. In addition, they allow you to financially take care of your loved ones in the years following your passing. Overall, by laying down the groundwork ahead of time, you are helping your loved ones make the unfortunate event of your passing that much more manageable to get through. Without further ado, below are the specific benefits of establishing certain estate planning documents:
- If you create a last will and testament: then you may be able to determine who will inherit your real estate, personal items, bank accounts, etc. upon your passing; along with which trusted individual may act as your executor to distribute your assets accordingly.
- If you create a revocable living trust: then you may be able to control certain assets during your lifetime and determine who will inherit them upon your passing; along with which trusted individual may act as your trustee to manage, use, and distribute the assets accordingly.
- If you assign beneficiary designations: then your loved ones may receive the benefits of your 401(k) account, pension, life insurance policy, etc. straightaway rather than having to undergo the probate process:
What happens if my estate planning documents are invalid and unenforceable?
Your estate planning documents must follow specific criteria. Otherwise, the New York surrogate’s court may rule it as invalid and unenforceable. This thereby gives your documents no legal effect, as if they do not exist in the first place. This may translate into the following unfortunate sequence of events:
- The New York surrogate’s court may divide your assets according to the rules of intestacy.
- Your wishes regarding the distribution of your assets may not be met.
- Your desired beneficiaries may lose out on their inheritances entirely.
- Your family members may enter escalating conflicts and grow strained relationships.
For these reasons alone, it is best to consult with a skilled Putnam County estate planning attorney as you are establishing these documents. So call us at The Law Office of Andres D. Gil, PLLC today.