You might associate the term “estate” with a massive piece of property that’s worth a sizable fortune, but in reality, it can refer to almost anything. When it comes to legal proceedings, your estate is simply all the assets and possessions you have accumulated over the years. In other words, you need to make arrangements even without a sprawling piece of land. Here are a few of the biggest reasons why estate planning is not just for the wealthy.
3 Reasons Why You Need an Estate Plan
1. To Reduce the Burden on Loved Ones
Since life can be unpredictable, estate planning is a way to prepare for the worst while hoping for the best. Making arrangements for all eventualities will relieve a considerable burden on loved ones should you pass unexpectedly. Indeed, if you have ever lost a family member in an unanticipated accident, you probably already know just how stressful it can be to settle an estate without a will.
2. To Protect Yourself
Many people are surprised to learn that some estate planning arrangements actually go into effect while they are still alive. For example, in a living will, you can state any wishes regarding end-of-life care. And if you ever become incapacitated, a medical power of attorney will grant someone else the legal authority to make healthcare decisions on your behalf.
3. To Remain in Control
If you die without a will, the state will step in and distribute property according to the laws of intestate succession. In other words, you will have no say over what happens. Although these laws prioritize immediate family members, they may not necessarily divide property in the same way you would have.
For expert guidance regarding estate planning, contact the attorneys at Lacy Katzen LLP. Based in Rochester, they have multiple locations throughout New York for their clients’ convenience. Their seasoned team of more than 25 lawyers will handle virtually all of your legal needs. Whether you want to sue a long-term care facility for nursing home neglect or navigate a complicated real estate transaction, you can count on them. To schedule an estate planning consultation, fill out the form on their website or call (585) 454-5650.