People in Rochester, New York, think so much about the model of car to purchase, place to go for their next vacation, or what to eat for dinner. However, they forget to decide who should inherit their assets once they’re gone.
While estate planning isn’t as fun as booking a trip to the Maldives or checking in a five-star hotel, it’s essential to perform it so that you get to choose who’ll benefit from all the things you worked hard for.
No matter how it sounds so fancy, estate planning isn’t only for the rich and wealthy. It’s a massive decision in life that everyone should make. It helps protect your family, especially the younger members of your household. It also ensures that your heirs wouldn’t be going to overpay on taxes.
Without an estate plan, you can’t decide who gets what and most likely will end up in a mess. If you’re not sure how to go about it, don’t hesitate to ask for expert help by visiting the site of an estate planning service provider in Rochester, New York.
There can be a variety of reasons why individuals decide to make an appointment with an estate planning attorney. But, below are practical reasons that emphasize the importance of estate planning in Rochester, NY.
Increases The Chance Of Avoiding Probate
One of the practical reasons why estate planning is essential is to avoid probate. It’s the process that the state may undertake to validate a deceased person’s will and to place a value on their assets. When your assets fall into probate, the court will pay all your existing bills and taxes, and whatever is left gets distributed to your beneficiaries.
While probate may sound okay the first time you hear it, there have been a lot of horror stories about it. It’s the reason why individuals seek out the assistance of an attorney that specializes in estate planning to avoid the official proving of a will at all costs.
Ensures That Your Chosen Beneficiaries Receive What They Deserve
As mentioned earlier, estate planning nowadays gets carried out not only by high net worth individuals but also by middle-class families. It’s a plan to prepare for the worst, and if you’re the breadwinner in your household, you need it.
Since you don’t have to be super-rich to invest in a real estate property or the stock market. And once you acquire these assets, you’ll want to pass them on to your heirs. The problem with a lack of estate planning is that you lose control over what’s next for your hard-earned property once you pass away.
One main component of estate planning is to designate heirs for your different assets. The lack of an estate plan means that the court will have the right to decide who gets everything you’ve worked hard to acquire. It’s the last thing that you’d want to happen since the process may take several years and also charges massive amounts of fees.
The court even doesn’t know your family and most likely ends up giving a portion of your asset to undeserving ones.
Gives You The Chance To Override Any Pre-Written Will
Did you know that your state, whether or not you live in Rochester, NY, already has a default will document for you? It’s what the intestacy law requires. It results in an asset distribution that’s going to be against your liking.
If you want to override it and execute a valid will yourself, then you need to prepare an estate plan.
Protects Both Young Children And Adult Beneficiaries
If you’re a parent who has small children, you have to prepare for the worst. It’s something that an estate plan can help you with to ensure that the young children in your family receive the care that you want for them to have. Estate planning allows you to appoint guardians for them until they turn eighteen. A lack of an estate plan would once again mean that the court has to step in and decides who’ll raise your loved ones.
As you probably already know, the protection isn’t only for the children, but also for the adult beneficiaries of your assets. You don’t want them to make bad decisions along the way, but it’s something that happens most of the time. Many factors influence it like divorce, creditor issues, outside influences, or the adult beneficiary you have chosen can’t manage money properly.
Estate planning allows you to add clauses that protect your beneficiaries from anybody who wants to take advantage of them. Thus, the provisions also protect them from themselves.
The Bottom Line
The lack of an estate plan can be stressful. While it’s true that it’s a daunting process, getting proper assistance from experts can make things more comfortable for you and gives you the chance to ensure that whoever inherits your assets get to enjoy the benefits discussed above.
It gives you the confidence that your loved ones will get what you intended for them to receive. Merely saying, estate planning is vital in ensuring a secured future for your family.