If you are going through life without an estate plan, you are doing your loved ones a disservice. It can always seem like you will have time to put a plan in place when you are a senior citizen, but if you think pragmatically, you know that younger people pass away every day.
You probably have insurance to protect yourself from events that are probably not going to happen. On the other hand, everyone is going to pass away someday, so you should certainly prepare for this eventuality as well.
Let’s look at three facts that can open your eyes if you do not have an estate plan in place.
Implications of Intestacy
If you die without an estate plan, you will die intestate. Under these circumstances, the intestate succession laws of the state of New York would be used to determine how your assets would be distributed.
It is quite possible that people that you love could be disinherited if you die intestate, because these laws are not very creative. Relying on the state to take care of everything after you pass away is probably not a very good idea.
You Have Options
Many people assume that they can execute a last will at some point in time and they will be good to go. In fact, there are other asset transfer vehicles that can be utilized, and a last will is not always the best choice.
Each person in your family is different, and they are going to be in different life situations. Your own financial position will enter the picture as well. You should explore all of your options and go forward in a fully informed manner to be certain that everyone in your family is provided for optimally.
End-of-Life Planning Is Part of the Equation
When you plan your estate, you make arrangements for the things that will take place after you pass away. At the same time, a holistic, comprehensive estate plan will also address end-of-life issues.
Many people become unable to communicate decisions due to physical incapacitation, and there are also those who suffer from mental incapacity. Your estate plan could include a durable power of attorney to name someone to handle your financial affairs if you ever become unable to make sound decisions on your own.
You can also execute a health care proxy to name a medical decision-maker along with a living will. In the living will, you would state your preferences with regard to the utilization of life-sustaining measures.
If these facts have gotten your attention, feel free to contact us to set up a no obligation consultation: Smithtown Long Island Estate Planning Lawyers.