Over the past few years, the unexpected deaths of several celebrities have been a lesson in the fragility of life. These deaths also work to illustrate why some of the more uncomfortable tasks in life — such as estate planning — need to be addressed sooner rather than later. New York residents may have several reasons they have postponed this task, but the peace of mind that comes with estate planning is worth the effort involved.
The only fact in life is that everyone dies, and having a plan in place can save loved ones worry and anxiety. Even though the majority of people do not currently have to worry about federal estate taxes since the rates were adjusted, many states may impose their own tax laws that could impact the amounts that heirs can inherit. Furthermore, the tax laws are frequently changed, and the ceiling for these taxes could be lowered in the future. Appropriate planning may allow for the protection of the majority of one’s assets.
Other reasons to set up plans include naming a guardian for minor or disabled children. In addition, planning allows one to name a health care proxy and document what medical interventions one wishes to receive. In addition, one can ensure that a chosen person will serve as an executor and that assets can be protected from creditors.
Thorough estate planning can also ensure that personal property is distributed in the manner one desires and that heirs are provided for in the most equitable manner possible. In the event that one dies without a plan in place, the expenses of litigation can consume a significant proportion of an estate. New York residents who want to ensure that their estate is protected for their future heirs may benefit from consulting with an experienced attorney.