One of the most recurring themes about estate planning as well as retirement strategies is to minimize risk. As a result, if you plan on creating a comprehensive retirement plan, you should make sure to also include an adequate estate plan. While you will hopefully enjoy a long and comfortable retirement, it is still important to consider what will happen if you don’t survive to retirement. This article reviews some of the most critical reasons why you should make sure to address estate planning issues while plotting your retirement.
# 1 – What Happens If You Pass Away Without a Will
If you pass away without a will describing how your assets should be passed on, a New York court will be required to follow in regards to how assets are distributed. This often results in family members fighting one another for the outcome of a case. While the news is full of this dilemma happening with famous people like Prince and Tom Petty, it’s also a common occurrence among people with smaller estates. As a result, it is critical to make sure that you at least write a will addressing how your assets are distributed. Even if you do not have a large estate, wills can still play a critical role in passing on any meaningful type of property that you own.
# 2 – Plan to Have Discussions with Your Loved Ones
Having a will and other estate planning documents greatly decreases the chance of arguments among your loved ones, but you should also plan to have meetings with your family members to discuss your estate planning goals. This way absolutely no surprises exist at the time that you become incapacitated or pass away. Remember, while estate planning is a critical process, it alone is not enough and even the best well-drafted documents still present a risk of family arguments.
# 3 – The Best Estate Planning Leaves Little To The Imagination
The best estate plans exert a great deal of control over how an estate should be handled and leave nothing important ambiguous. This is often achieved through unconventional means like utilizing grantor retained annuity trusts to reduce taxes. By eliminating “grey areas” over which families can fight, it is possible to avoid family disputes about how your estate should be handled. Handling many of these issues can be uncomfortable or unpleasant. After all, it can be difficult to tackle the notion that one day we will no longer be around. But if there are any important issues about how your health or estate should be handled, you should make sure to address them ahead of time to avoid any unpleasant consequences later on.
Contact a Skilled Estate Planning Attorney Today
Estate planning is critical for several reasons, but remember that if you fail to create an estate plan then the state of New York will decide how many issues are decided. As a result, you should not hesitate to speak with an experienced estate planning attorney. Contact Ettinger Law Firm today to schedule a free case evaluation.