We are publishing this blog post on Christmas Day. First of all, we would like to wish everyone a happy, healthy, and safe holiday season. This is a special time that you share with your family and friends, and it only comes around once a year.
After this day passes, people will be looking ahead toward the new year that will roll around next week. When a new year arrives, people often make resolutions. You may resolve to make personal improvements, and you may also decide to take care of things that you have been placing on the back burner.
With this in mind, if you are going through life without an estate plan, you may want to resolve to put a plan in place in 2016. Estate planning is important for all responsible adults, and it is not just something that senior citizens have to be concerned about.
Even if you are relatively young, you should have an estate plan in place. In fact, if you look at it objectively, senior citizens usually don’t have children depending on them for support. Things are different for younger adults, so you could argue that estate planning is even more important for younger people.
You have to consider the well-being of your spouse if you are married, and if you have children, the stakes are even higher. Losing a spouse is an incredible emotional blow, but it is compounded when you have serious financial hardships to deal with.
Regardless of your age, you should consider the way that you want your assets to be distributed after you pass away. There are numerous different asset transfer methods that can be utilized, and the best choice for one person may not be appropriate for the next.
If you pass away without an estate plan, the state would ultimately distribute your resources under intestate succession laws. Under these circumstances, people that you love could be disinherited.
You also have to consider potential nursing home costs that you could incur toward the end of your life. If you do not take the right steps, everything that you have could wind up in the coffers of an assisted living facility.
Incapacity planning is also part of the equation. Many people become unable to handle their own affairs late in their lives. You can account for these end-of-life issues when you devise your estate plan.
Take the First Step
If you are ready to take the first step toward the creation of an estate plan, attend one of our seminars that are coming up in January.
The seminars are going to cover living trusts and nursing home asset protection. These seminars are free, but we do ask that you register in advance. To see the schedule, click this link: Smithtown Long Island Estate Planning Seminars.
Mark S. Eghrari, Estate Planning Attorney
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