The New Year is a great opportunity for individuals to make new goals by setting a New Year’s resolution for what they hope to achieve over the next twelve months. As you ring in 2023, consider making an estate plan your New Year’s resolution. While death can be an uncomfortable topic, having a plan in place for your wishes after you pass is crucial. In fulfilling this New Year’s Resolution, you will give yourself the peace of mind your loved ones will be protected after you pass.
What Are the Four Components of a New York Estate Plan?
Each year, individuals set New Year’s resolutions to exercise more, eat less sweets, or use their credit cards less. However, if you want to set a New Year’s resolution that will benefit you and your family in the future, make a point to create an estate plan this year. There are four components of a basic estate plan. They are as follows:
- Will and/or Trust
- Power of Attorney
- Health Care Proxy Living Will and Advance Directive for Medical Decisions
If you are unsure if your estate plan has all four of the necessary components, consider speaking with a trusted estate planning lawyer to review your current documents to ensure they still meet your needs and goals and are in line with current New York law.
Why You Should Consider Making an Estate Plan
If you are unsure if you need an estate plan at this point in your life, you should know that you can create an estate plan as young as 18 years of age. Unfortunately, the future can be uncertain and we don’t know what tomorrow will bring. Having an estate plan in place will allow you to have your wishes documented and a plan in place for your loved ones in the event of an accident or tragedy.
A proper estate plan can help you and your loved ones in many ways. Just some of the benefits include:
- Protecting your assets: Setting up an estate plan will allow you to protect your most valuable assets and ensure that they are managed and distributed in line with your wishes.
- Avoiding probate: The probate process involves validating your will and assets. This process can be time consuming and costly when proper considerations are not made. A detailed estate plan can help you minimize or avoid probate entirely.
- Reducing taxes on your estate: By setting up an estate plan, you may avoid the loss of your estate to taxes.
- Protecting your beneficiaries: By setting up an estate plan, you can protect your beneficiaries from wrong decisions, outside influences, creditor issues, and divorcing spouses. Most importantly, you outline your loved ones’ care and protection in your personalized documents.
The estate planning process can easily become overwhelming and convoluted. That is why it is important that you have the help of a trusted New York lawyer that has experience with the estate planning process. When you work with a caring and knowledgeable attorney, they will ensure that your wishes are clearly defined and that your estate plan is valid in the eyes of the New York courts.
Get Help From a New York Estate Planning Lawyer Today
At Fratello Law, we are here to help you with every detail of the estate planning process. We understand that each person is an individual and each situation unique and that your plan should be tailored to your needs, circumstances, and goals. Our New York knowledgeable and compassionate legal team is well-versed in the estate planning process and can help you develop the plan right for you and communicate effectively with the relevant parties as you navigate unique situations throughout the process.
Schedule a no cost consultation with our skilled estate planning lawyers by calling (516) 321-4010 or by filling out our contact form. We are a small firm with a big heart, and we look forward to welcoming you to our client family.