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 so that you can personally choose your estate planning beneficiaries.
The Power of Choice for Your Estate
Your estate includes all the property, assets, and debts you accumulate. Your home, bank accounts, retirement accounts, vehicles, and personal possessions comprise your estate. A will carries your estate through probate.
The document grants you the power to choose your power of attorney agent and also the people who will become your heirs.
Rightful Heirs and Beneficiaries
Why is estate planning for new parents so important?
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 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 choose how you want your final affairs handled. Creating one provides peace of mind that those you want to inherit will. This is one of the many benefits of estate planning.
Contact our estate planning lawyers in Albany, New York, for more information.