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Who Should Have an Estate Plan?

Who Should Have an Estate Plan?

In today's world, just about anyone can benefit from the use of an estate plan. There are a number of tools that are available to those that are looking to plan for the future. In the state of New York, those individuals that are 18 years or older are able to form their personal will. When developing it, they will need to be of sound mind so that the will actually holds the details of what it is they would want. When the sanity of the person in question becomes unsure, the court may choose to wait to authenticate the will, or they may choose not to do so all together. The person that writes or executes the will in the event of their death, is referred to as the testator. The will is their last will and testament.

It is a common misconception that many people fall into, that an estate plan should only be used for the wealthy. While the plan can be used for those that have accrued a fortune, as a way to ensure that it is dispersed as they prefer, it can be beneficial to individuals from all walks of life. Many people have something that they have worked for and they want to see it go into the right hands in the event of their death. This may be children that you wish to inherit your possessions. An estate plan offers the chance to give guidelines.

For those that die without a will, this will label them as intestate. It will be up to the state to make the decisions when it comes to dividing their property. In the state of New York, if you die without a valid will that follows the correct guidelines, property will be distributed in a certain manner. The property will often go to the spouse as the first rule. If you have children at the time of the death, your spouse will only receive a certain portion, but if there are no children then they will gain all of it. If there is no spouse then it will be given to children, next to parents, then to grandparents or to grandchildren. The state looks at any adopted family members as if they were full relatives.

You can also include details such as advance health care directives that offer instructions on the health care that you want. This can be useful for those that get to a point where they are no longer able to make this decision. Through forming a strong plan, you can look out for your healthcare, your children, any beneficiaries and more. This can be a valuable asset to anyone with some form of invested interest and offers you the chance to give your input in case you are unable to do so in the future.

It is likely that you want your interests to be withheld and for your estate to be dealt with in the manner that you prefer. That means that you will need to prepare and put in to a place a plan that upholds these interests. Whether you have earned a significant income throughout your life or you simply have worked hard and want to make sure that what is yours will be passed on to your children, contact The Law Office of Michael J. Brescia, P.C. You can get started through a free case evaluation where you will have access to the opinion of a professional.


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