Estate Planning is not only for retired and older individuals or for people with a large estate or large house, it is for everyone! Unfortunately, estate planning can often become a neglected part of many people’s financial planning. Everyone has an estate, and that means you should have estate plan. For young parents an estate plan can protect your most valuable assets, your children. A will is an incredibly important document to advise the court as to who you would like to take care of your children if you were to pass before your children reach the age of majority.
An estate consists of everything you own between cars, real estate, bank accounts, etc. With no estate plan set up, in the event of your death, your assets will be divided according the New York State laws of intestacy. The New York laws do not know your desires in distributing your estate, only you know that.
A proper estate plan can help save on estate taxes, avoid a guardianship proceeding, elect a caretaker for your children, and distribute your assets according to your wishes and desires.