All your life, you may have been planning for the future. But there comes a time when you must plan for a future where you, most unfortunately, are no longer around. That is, a future where your assets and loved ones must be taken care of in a different way. This is the essence of estate planning. Follow along to find out who should take advantage of creating a comprehensive estate plan and how a proficient Putnam County estate planning attorney at the Law Office of Andres D. Gil, PLLC can keep on top of things.
Who should take advantage of a comprehensive estate plan?
Generally speaking, anyone and everyone should take advantage of creating a comprehensive estate plan. This may be the best and only way to control what happens to your assets when you are no longer around to manage them yourself. That is, without one, the New York State surrogate’s court may follow its intestate procession laws to determine which of your family members is to inherit which of your assets. This method may not be in the best interest of your family members, given their varying levels of financial stability, financial literacy, etc.
Besides being able to set out instructions for your assets and loved ones, below are other reasons why you should initiate your estate plan:
- Your established plan may reduce the risk of your family members fighting over your assets, inside and outside of court, at the time of your passing.
- Your established plan may ensure your minor children’s future guardian is someone you trust rather than someone appointed by the court.
- Your established plan may allow you to plan for long-term care expenses that do not dip into your family member’s inheritances.
Who should update their established plan, and when?
First of all, you may work on establishing your estate plan as soon as you turn 18 years old. Then, it is a common rule of thumb to update it every three to five years. At the very least, you should update your plan whenever you undergo significant life events. Such relevant circumstances include the following:
- You move from New York to a different state, or vice versa.
- You sell your original home and move to a different real estate property.
- Your designated beneficiary sadly passes away before you do.
- You sadly get divorced from your spouse, originally one of your designated beneficiaries.
- You welcome new potential beneficiaries to your life (i.e., children, grandchildren, etc).
- You purchase high-value assets or come into a considerable inheritance.
- You learn of recent changes to federal and state estate laws.
- You receive a serious, unexpected medical diagnosis.
Do not wait. Retain the services of a talented Putnam County estate planning attorney from the Law Office of Andres D. Gil, PLLC. We look forward to working with you and taking on your case.