Salon Marrow Dyckman Newman & Broudy LLP

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Is estate planning necessary?

Planning for your future in New York is a wise idea in many areas of life. However, one area which you may overlook is the distribution of your estate when you pass away. Estate planning is one way to help maintain your loved ones' financial security after your death.

According to the American Bar, estate planning allows for provision for your family members. Writing a will establishes who will have guardianship of minor children. It also specifies the beneficiaries of your estate's assets. Additionally, a well-executed will could save you money. It could reduce the amount of taxes inflicted on your assets and expedite the transfer to beneficiaries, making the entire process less expensive.

Writing a will allows you to make decisions for yourself. For example, you may establish your wishes for the extent of medical intervention in the event of incapacity. You can also decide who will be the executor of your estate. If you are a business owner, you may name your successors so that the business does not experience an excessively disruptive transition period.

Establishing trusts for your assets may also provide for causes that are important to you. You could dedicate your money to a specific charity, or establish an education fund for a loved one. Above all, planning your estate allows you to take control of how your successors will benefit from your assets, rather than having the courts make these major decisions on your behalf. This information is provided for educational purposes only, and should not be interpreted as legal advice.

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