Some New York residents may not feel that planning for any sort of event is a strong point of theirs. As a result, they may shy away from attempting to create an estate plan because they do not know where to start or what to include. However, avoiding estate planning altogether can have detrimental effects, and with the right assistance, creating a plan may be easier than expected.
Without an estate plan, state law dictates how property is distributed, and surviving loved ones will need to petition the court for control of the estate. This means that extra steps and obligations will be placed on the shoulders of family members, and there is also a greater potential for conflict. Some loved ones may feel that they should receive more of the estate than someone else for various reasons, and complications could arise.
Additionally, if individuals have loved ones with special needs, they could suffer if no planning goes into how their inheritances are distributed. Moving forward with an estate plan could allow parties to review their specific affairs, how their choices will impact their loved ones and what decisions they feel comfortable making. Because many planning tools exist, creating a comprehensive plan is possible.
If New York residents feel that exploring their estate planning options may be in their best interests, they may want to obtain reliable information. Enlisting the assistance of knowledgeable professionals could help prevent unnecessary complications and also allow parties to consider aspects of their estates that they may not have otherwise. Creating estate plans could prove beneficial to individuals during and after their lifetimes.
Source: pilotonline.com, “Estate planning is an important step in protecting your assets“, Heather McGinley, March 2, 2018