Estate Planning Isn’t About Wealth—It’s About Protection
If you have a child, a bank account, or even a favorite piece of jewelry—you have enough to need a will. For families in Brooklyn, estate planning isn’t reserved for the ultra-wealthy or the retired. It’s about making decisions that protect the people you love and minimize stress in the moments that matter most.
At The Village Law Firm, we regularly work with professionals, parents, and everyday New Yorkers who are surprised to learn how much they do need a plan. This blog is for anyone who thinks estate planning doesn’t apply to them. By the end, you’ll understand the hidden costs of skipping a plan, why even modest assets need protection, and how to get started with a package that fits your life—not just your wallet.
What Happens If You Die Without a Will in New York?
Many people assume that if they don’t have a will, everything just goes to their spouse. Unfortunately, that’s not how it works in New York.
Without an estate plan, your estate is handled under intestate law—and that often creates problems:
- Assets are split: In many cases, half goes to your spouse and half to your children, even if they’re minors.
- Court delays and fees: Assets may be frozen for months, requiring court intervention for access.
- Guardianship uncertainty: If you haven’t legally named a guardian for your children, the court decides who raises them.
In one recent case, we worked with a Brooklyn family who had to petition the court just to access a deceased parent’s bank account—with young kids and mounting bills adding to the pressure. These complications aren’t rare. They’re built into the system when there’s no plan in place.
What Counts as “An Estate” in Brooklyn?
You don’t need a Park Slope brownstone or a multimillion-dollar investment account to need estate planning. In NYC, here are some everyday items that can trigger legal and financial complexity without a plan:
- A small condo with joint ownership
- A 401(k) or brokerage account without a beneficiary
- A child under 18 with no designated guardian
- A property that was purchased many decades ago (back when Brooklyn property was affordable!) that you want passed on to your children.
Estate planning for families in Brooklyn often begins with simple but essential decisions: Who will manage your finances if you’re incapacitated? Who makes medical decisions? Where do you want your belongings—and your children—to go?
Without legal documents in place, even seemingly minor assets or responsibilities can turn into costly court battles and emotional stress for your family.
Is Estate Planning Expensive?
Not necessarily—and not compared to the alternative. At The Village Law Firm, we offer streamlined estate planning packages specifically designed for younger families, new parents, and professionals who want smart protection without complexity.
These plans typically include:
- A last will and testament to name guardians and direct who gets your assets
- A health care proxy for medical decision-making
- A power of attorney for financial management
- A review of beneficiary designations to ensure your accounts align with your plan
This foundational approach is often more affordable than people expect—and it provides a roadmap for expanding your plan as life evolves. We believe in starting where you are and building from there.
The True Cost of Waiting
Putting off estate planning doesn’t just risk legal confusion. It risks conflict. We’ve seen sibling disputes over property, arguments about guardianship, and families forced to sell assets to cover administrative costs.
The emotional toll is often greater than the financial one. Imagine your partner having to request permission from the court to access your child’s inheritance—or to even stay in your apartment.
Estate planning helps you avoid these situations by creating clarity now. It’s not just about money. It’s about minimizing stress, protecting relationships, and preserving dignity during difficult times.
If you’re wondering whether you’re “wealthy enough” to plan, you’re asking the wrong question. The right one is: Do I want to make life easier for the people I love?
Call to Action
Ready to take the first step? Schedule a complimentary call with The Village Law Firm and get a plan that protects your family—no matter your net worth.
FAQs
Do I need a will if I rent and don’t own a home?
Yes. Your personal belongings, financial accounts, and children still require a clear legal plan. Estate planning is about decision-making, not just property ownership.
Can I name guardians for my children in a will?
Absolutely. Naming guardians is one of the most important reasons families begin estate planning. A will is the legal vehicle that makes your wishes known and enforceable.
Is estate planning different for families with international assets?
Yes. If you or your partner have property or family ties abroad, you may need cross-border planning. Read more about that in our post on estate planning when family ties cross borders.
Looking for more insight? You may also find this post helpful: What Happens If You Die Without a Will in NYC?
