Reason 1: An estate plan is also important for medical and simple financial decisions, especially for a spouse in the event of disability or incapacity. It makes the entire process a lot more stress-free and simple for the spouse.
If something happens to me, my spouse will inherit everything I have anyway, so why do I need to make an estate plan?
Reason 2: That’s not necessarily true, either, especially in the state of New York. The spouse could get the first $50,000, and then only get half of the estate. The other half is split between their children. The state already has laws that distribute an estate upon passing, even without a will.
Reason 3: An estate plan is also important for having a say in who can raise your children, even more so if you’ve had multiple marriages. This will create additional taxes, court fees, and legal burdens on your spouse.
The state doesn’t take into consideration any of your wishes or concerns with regards to your assets. The process of settling the estate in administration to the courts is a long, expensive, and stressful process for your loved ones.
Last but not least, there are absolutely no advantages to doing nothing! If you need help setting up an estate plan, we’re here to help.
Please contact us with questions or comments.