5 Reasons to Create an Estate Plan NOW
1. To choose those who will inherit your property: If you die without a Will, assets pass to your heirs according to state intestacy laws. A Will not only names beneficiaries, but can set up trusts to direct when and how your beneficiaries receive the assets.
2. To provide for minor children: Who will raise your children if you die? You can nominate guardians of your choice to care for your children through your Will. Without such a designation, a court will choose.
3. Blended families: If your family is the result of multiple marriages, your estate plan can determine what goes to your current spouse and to the children from prior marriages.
4. Children with special needs: Without a plan, a child with special needs risks being disqualified from receiving Medicaid or SSI benefits. A properly crafted estate plan can set up a Supplemental Needs Trust to preserve the child’s benefits while using trust assets to pay for non-covered expenses.
5. Loss of capacity: What if you become incompetent and unable to manage your own affairs? Without a plan, a prolonged court proceeding is required to appoint someone to manage your affairs. With a plan, you choose the person through a power of attorney.
Regardless of the size of your estate, a plan is necessary to protect yourself, your family and your assets. Our attorneys are available to consult with you to develop a plan which addresses all of your concerns (631.694.2400).
This newsletter is provided by Hamburger, Maxson, Yaffe & McNally LLP to keep its clients, prospective clients, and other interested parties informed of current legal developments that may affect or otherwise be of interest to them, and to learn more about our firm, our services and the experiences of our attorneys. The information is not intended as legal advice or legal opinion and should not be construed as such