An overlooked reason to create an estate plan

| Nov 25, 2020 | Estate Planning

If you are on the fence about creating an estate plan, consider: Is there someone you do not want to benefit from your death? Chances are, there is someone that you prefer not to get your hard-earned money. 

However, if this person is a relative by blood or marriage, there is a chance he or she may. Dying without a will in New York means a probate judge has the final say in who gets your estate. To keep this from happening, you may want to consider a comprehensive estate plan. 

The power of choice

Your estate includes all the property, assets and debts you accumulate. Your home, bank accounts, retirement accounts, vehicles, personal possessions all comprise your estate. A will carries your estate through probate. It is the document that grants you the power to choose the people who will become your heirs. 

Things to consider

Drafting a will ensures that your rightful heirs inherit your estate. If you believe they will whether you create an estate plan or not, consider that relatives you may not speak to or associate with may rank higher on the list to inherit according to a court. Perhaps you have no children, but you are close to your nieces and nephews. If you do not name them specifically in a will, their parents, your siblings, will likely rank higher and inherit. If you do not have a good relationship with your siblings, writing a will allows you to give to their children and bypass them. 

A will is one aspect of an estate plan that allows you to make choices about how you want your final affairs handled. Creating one provides peace of mind that those you want to inherit will.