Many people avoid estate planning, as it is a topic that deals with several sensitive subjects, such as death, money, business arrangements, and family relationships. Some will put off even creating a will, as they would have to choose a guardian for their children, meaning they will have to address the heartbreaking scenario of someone else raising their kids. But consider the alternative, should you pass away with no will, it would be up to Surrogate’s Court to determine the guardian for minor children.
All families, regardless of resources and ages, can benefit from estate planning. People who have experienced the death of a loved one know that it is worth investing the time and money to avoid the confusion, delay, and expense that can occur in families when an individual dies without an estate plan.
Most people, when they stop and think about it, would like to have a say about what happens to property that they have worked hard to accumulate. An estate plan is a tool that provides some aspect of control. If you do not make a plan, state law will mandate what happens to your real and personal property upon your death.
Ask yourself the following questions:
• What would happen to the property I have worked to accumulate?
• Who would care for my children?
• Would my family be provided for?
• Would my estate and affairs be handled by someone with my family’s interests and needs in mind?
• Would estate taxes, probate fees and other costs be held to a minimum?
If you do not have the answers, now is the time to begin estate planning. Work with an estate planning attorney to get started on a comprehensive plan that can give you the peace of mind that you, not to mention your loved ones, deserve.