The biggest myth about estate planning is that it’s only for the wealthy. Nothing could be further from the truth. If you have an estate, you need an estate plan. All that an estate means is that you own something of value that you want to protect. Therefore, if you own anything at all that you’d like to pass along to someone else, you need an estate plan. Below are just a few of the reasons that everyone needs an estate plan.
An Estate Plan Protects Your Family
An estate plan provides protection to your family in multiple ways. In addition to leaving assets to your loved ones, an estate plan can outline what will happen if you ever become incapacitated. Accidents and illness happen more often than we’d like to admit, so it’s important to ensure that your loved ones aren’t forced to make tough decisions should anything ever happen to you. Whether you want to ensure that you’ve arranged care for a minor child, an elderly parent, or a family member who is disabled, an estate plan has you covered.
An Estate Plan Puts You in Control of Your Finances
Another reason you need an estate plan is that it puts you in control of your finances. Even if your assets and savings are modest, you should determine who gets what after you die—not the state. And not only does an estate plan allow you to decide where your assets will go after your passing, but it lets you dictate exactly how and when your loved ones will receive such assets. This is particularly important if you have children or grandchildren who are minors.
An Estate Plan Reduces Your Risk
A good estate plan mitigates against risks. As mentioned above, one of these risks is incapacitation. If you someday become unable to make decisions for yourself regarding your assets, medical care, and finances, your family will be grateful that you had the foresight to address these issues in an estate plan.
An Estate Plan Protects Your Legacy and Privacy
Without a fully funded, trust-based estate plan in place when you die, nearly all your financial information will be available for the public to see. This is primarily due to probate, which is the legal process by which a court administers a deceased party’s estate. If you create a solid estate plan, however, you can avoid probate and keep your family’s financial affairs private.
Contact an Experienced Florida and New York Estate Planning Attorney
Whether you live in Florida, New York, or spend time living in both states, you need an experienced Florida and New York estate planning attorney in your corner. At the Law Office of Angela Siegel, we provide comprehensive estate planning services to clients in both New York and Florida. Attorney Angela Siegel is a seasoned estate planning attorney, and she regularly helps clients craft highly effective estate plans. So, if you are ready to begin the estate planning process in Florida or New York, please contact us today to arrange a free consultation.