White Plains, New York
455 Hamilton Ave, #607
White Plains, NY 10601
(914) 840-2529

3 Reasons Not to Put Off Estate Planning September 5, 2019

White Plains, Westchester
3 Reasons Not to Put Off Estate Planning, White Plains, New York

Most people assume they’ll always have time to take care of their estate planning later, especially if they’re young and healthy. Unfortunately, accidents and serious illnesses can happen to anyone, so it’s important to write your will and have powers of attorney ready. Below are a few of the most important reasons to put your estate plan together now.

3 Reasons Your Estate Plan Can’t Wait

1. Reducing Your Loved One’s Taxes

Most estates are exempt from federal estate taxes, but your state may levy its own tax, or you might have especially valuable real estate or other assets. In some cases, setting up a trust allows you to pass on your share in your house to certain family members without burdening them with high taxes. The tax implications of inheritance can be complex, so it’s best to consult with an estate planning attorney if you have complex investments or high-value assets.

2. Preventing Family Conflicts

estate planningIf you pass away without a will, the probate court will distribute your belongings to your family members according to the intestacy laws of your state. These statutes don’t allow judges to consider the actual relationships you fostered with the people in your life, so these situations often trigger bitter feuds that can tear families apart. Writing a will makes your wishes legally enforceable, and it can prevent personal conflicts and drawn-out, painful legal battles.

3. Leaving Other Instructions

Your estate plan also gives you the opportunity to leave instructions about a variety of other important issues. For instance, what should happen to your social media accounts? Do you have a preference regarding funeral services or burial? Estate planning allows you to clarify these wishes for your loved ones.


 

Estate planning can be confusing, but a skilled attorney can guide you through the process and ensure your wishes are respected. The legal team at the Monteleon Law Group in White Plains, NY, are dedicated to protecting the legacies and loved ones throughout Orange County by providing the detailed legal guidance you need. Call (914) 840-2529 to schedule your consultation today. Visit their website for more on their estate planning services, and follow their Twitter for more tips and insight.

Other Announcements, Events and Deals from Monteleon Law Group
When Should You Change Your Estate Plan?, White Plains, New York
Regardless of your age, estate planning is essential for ensuring you have plans in place to protect yourself, your finances, and your family. It’s easy to think that an estate plan ...read more
What Should You Do After a Car Accident in New York?, White Plains, New York
If you are involved in a car accident in New York, you must take steps to ensure everyone is safe and follow procedures required by law. If you sustain injuries, there are options av...read more
What Is Power of Attorney?, White Plains, New York
A power of attorney is a legal document designating someone else to make certain decisions on one’s behalf. The person who creates the power of attorney is known as the principa...read more
FAQ About Miranda Rights, White Plains, New York
If you’re ever stopped by the police, you have certain legal rights that protect you from forceful and coercive police behavior. Whether you’ve been pulled over for speeding or ...read more
An Introduction to Personal Injury Law, White Plains, New York
Personal injury law focuses on compensating victims of slip and fall accidents, car accidents, and other injuries caused by another party’s carelessness or willful acts. It’s a ...read more