Utilizing the estate planning process in New York is essential to ensure that your assets are distributed per your wishes upon your death or if you become unable to make sound personal or financial decisions while living. It also safeguards any minor children you might have from being placed in child services if you pass away. Taking steps to create your estate plan and avoid making mistakes while doing so is essential if you want to have a say in how your estate is passed to the next generation.
Avoiding living probate is crucial
One of the top reasons why formulating an estate plan is vital is the ability it provides for you to avoid living probate if you become unable to attend to your financial and personal affairs while living. Failing to add this to your estate plan is a mistake many people make. Getting this task done as early as 30 years old is a wise choice. It allows you to establish a conservator or guardian you trust to take over your affairs and any minor children if you become incapacitated.
Protecting your children’s welfare
As soon as you have a child, identifying a guardian for them and adding it to an estate plan is important. Yet some people fail to perform this step. If you have a child with any disabilities or medical issues, ensuring that they are taken care of correctly can be done by using this method.
Reviewing your estate plan regularly is essential
Keeping your estate plan up to date and avoiding mistakes is vital if you want your wishes to be met. Keep tabs on your plan to ensure that you don’t forget to change beneficiaries. When you regularly update your plan, it also opens a line of communication with your loved ones, allowing them to understand the plan and how your estate will be managed.
Setting up a comprehensive estate plan earlier than later is usually best. Taking this action and reviewing it periodically keeps it current and reflective of your wishes.