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
If 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.