Estate planning might not be something that’s always top of mind for New Yorkers, but it’s one of the most important steps you can take to protect your family and assets. In 2008, the House of Representatives established National Estate Planning Awareness Week to promote the importance of proper estate planning. National Estate Planning Awareness Week runs from October 21st through 27th, but the full month of October is a great time to remind people to consider their future and the legacy they want to leave behind.
Why Is Estate Planning Important in New York City?
Many people put off creating an estate plan, thinking it’s only necessary for the wealthy or waiting until they have time. However, estate planning is something everyone should consider, no matter their financial situation. Without a proper plan, New York City families could face difficulties, delays, and legal challenges when it comes time to distribute assets or make decisions. Read more in our article, Five Things Every Parent Should Know About the Probate Process
Having an estate plan in place means you control how your assets are passed on, rather than letting the State of New York decide. It also allows you to choose who will manage your finances and healthcare decisions if you become unable to do so yourself.
Who Should Create an Estate Plan?
If you have any assets – from a house to a savings account – or if you have children, it’s time to start thinking about your estate plan. Life is unpredictable, and having a plan in place ensures your wishes will be honored. Estate planning can help with more than just financial matters. It also allows you to name a guardian for your children, choose who will make medical decisions on your behalf, and specify your end-of-life wishes.
What Happens If You Don’t Have an Estate Plan?
Without an estate plan, the distribution of your assets is left to state law. This could mean your property goes to someone you didn’t intend to benefit or that your family will face delays and legal costs to sort things out. It can also create tension among loved ones, who may disagree about how to handle your affairs. Taking the time to plan ensures that your family can avoid unnecessary conflict and confusion.
How Can You Participate in National Estate Planning Awareness Week?
National Estate Planning Awareness Week is a great time to start thinking about your own plans or update the ones you already have. It’s also a time to remind loved ones, whether an aging relative or a new parent, about the importance of having a plan in place.
Create or Update Your Own Plan
If you don’t have a plan yourself, there’s no time like the present. Estate planning is one of those important-but-not-quite-urgent tasks that can be easy to put off. If you’re reading this, it’s not too late – but none of us ever knows what the next day holds. Estate Planning Awareness Week is a great time to cross that item off your list.
Do You Know Someone Who Should Have an Estate Plan?
While everyone should have an estate plan, certain life events can make it even more important to implement or update a plan. If you’ve gone through the estate administration of a loved one who’s passed, you know how important it is to have things in place ahead of time.
Do you know someone who:
- Has recently had a baby?
- Is getting older and wants to protect their assets from long term care expenses?
- Has recently gotten divorced?
- Has substantial assets that may be subject to estate tax?
- Has been diagnosed with a serious illness?
Each of these events should trigger an estate plan review. Remind the people in your life that an estate plan will pay dividends for them and their loved ones.
What Should Be Included in an Estate Plan?
At a minimum, your estate plan should include the following:
- Last Will and Testament: Specifies how your assets should be distributed and names guardians for your children.
- Power of Attorney: Allows you to designate someone to handle your financial affairs if you’re unable to do so.
- Advance Healthcare Directive: Includes your wishes for medical treatment if you can’t communicate them.
- Revocable Living Trust: Helps to avoid probate and provides more flexibility in managing your assets.
Read more in our article, Going on Vacation this Spring Break? Have These Legal Documents in Place First
How to Get Started with Estate Planning
Taking the first step toward estate planning is often the hardest part. However, once you start, the peace of mind it brings is well worth the effort. National Estate Planning Awareness and the month of October are the perfect reminder to get the process underway.
Consider these simple steps:
- Assess Your Assets: Take stock of what you own and how you’d like to distribute those assets.
- Choose Key Individuals: Decide who you trust to carry out your wishes, including an executor, guardian for your children, and someone to make medical or financial decisions if you can’t.
- Talk to a Professional: Estate planning can be complicated, and an experienced New York City attorney can help you navigate the details and legal requirements.
The Village Law Firm team is here to help you create a plan that ensures your wishes are honored and your family is protected. Book a call now to get started with your estate planning journey.
Key Takeaways:
- Understand the Importance: Estate planning is essential to protecting your family’s future and ensuring your wishes are carried out.
- Remind Others:
- Avoid Confusion: Without a plan, state law decides what happens to your assets, often causing delays and disputes.
- Plan for More Than Assets: Estate planning covers not only your finances but also healthcare decisions and guardianship for minor children.
- Take Control: National Estate Planning Awareness is the perfect time to start or update your estate plan.
- Seek Professional Guidance: A New York City estate planning attorney at The Village Law Firm can help you navigate the legal aspects and tailor a plan to your needs.
