Estate planning provides control around death
Estate planning involves organizing your life for your future, your family's future and your death. It might sound like something only for the wealthy, but you first need to know what is estate planning? Estate planning is a way of controlling what happens to your assets and how your loved ones are cared for after your death.
Keep control where it should be
If you do not establish a plan for how your affairs are handled upon you death, the laws of the State of New York take effect and your loved ones have no say so.
Custom your plans to your life
Everyone's life is unique and your estate plan should be, as well. It needs to be kept up to date with the situations of your life. You may have a child with special needs or a child who has divorced from a favorite son-in-law. If you are divorced or sharing a home with a significant other, all of these situations must be accounted for in your plan.
Protect the future of your assets
Estate planning involves a whole lot more than distributing your assets at your death. Estate planning is vital to protecting your estate from excessive estate taxes levies by the federal government and the United States. You may be able to create a plan that allows your family to avoid probate upon your death. Proper estate planning can protect your assets in the event you require long-term care as you age.
Give your partner their rights
Same sex couples are not treated the same under the law as married couples in New York State, so it's especially important to provide for a same sex partner in your estate planning documents.
Plan for your future
Estate planning is not just about your will and trust documents, however. Durable powers of attorney and health care proxies also are a part of your comprehensive estate plan. A durable power of attorney gives your specified agent the right to act for you when you are incapacitated, while a health care proxy lets doctors and hospitals know how you want to be treated as you approach your death.
