The Benefits Of Estate Planning, Part One
Contrary to popular belief, an estate is not a white mansion with columns out front and acres of farmland and cattle. Everything that you own, from your car and house to your clothes and pets, is part of your estate. When you pass, something has to be done with your estate. This is where estate planning comes into play.
Located in the Bronx, The Law Offices of Diron Rutty have decades of experience in estate planning. Our mission is to help our clients make a plan for their assets after they pass so that the administration of their affairs is timely and efficient. Below, we’ll examine some of the many benefits of estate planning. Contact our estate planning law team today.
BENEFITS OF ESTATE PLANNING
Ease the Burden on Your Family
Let’s face it, after you’re gone, what happens to your assets doesn’t affect you at all. The main benefit of forming an estate plan is for your family. After your death, they will probably be suffering from grief, and depending on the circumstances, shock. Having to make decisions in the midst of grief and shock is incredibly difficult. Thus, the more you can ease their burden during this difficult time, the better.
When you plan your estate, your family will be taken care of. They will have access to the money you leave behind sooner so that they can continue living and paying the bills. They won’t have to worry about all the other loose ends that come with a death in the family. You will offer them comfort through estate planning in this difficult time.
Protect Your Kids
If you have kids, you need an estate plan. In fact, you need an estate plan from the moment they are born. The reason being if something were to happen to you and your spouse, it is essential that you know what will happen to your family next. If you don’t have a will, the state gets involved. Your precious children could end up in Child Protective Services until the courts work out custody.
When you have an estate plan, you can designate who gets your kids so that if the worst were to happen, they will be with family and/or friends in this difficult and confusing time for them. They will need routine; routine is what family can give them. Furthermore, you can also leave a trust for the kids, instructions on their education and upbringing for the guardians, and ensure that the family pets go with the kids.
Eliminate Fighting Within the Family
Unfortunately, all too often when money is involved, the ugly side of humanity shows itself. If you die without a will and/or an estate plan, discord and disagreement can be sown between family members regarding who gets what. Distant relatives could come out of the woodwork and make claims to your assets, and without a will, these are legitimate claims that they could possibly win. From heirlooms that several members of the family want to what your wishes were for burial, these fights can end up tearing families apart. A solid estate plan in place will eliminate any doubt about who gets what and can preserve the peace within your family.
CHOOSE THE LAW OFFICES OF DIRON RUTTY AS YOUR ESTATE PLANNING ATTORNEY
The Law Offices of Diron Rutty have years of experience in helping clients craft an estate plan that will work for them. We start by having an honest conversation about what you want to see after you pass from this world. We’ll go over all your assets, financial affairs, any concerns you may have, plans for minors or those under your care, as well as end of life decisions, such as what happens if you become incapacitated. We will cover all of the bases with you so nothing is forgotten.
Once we have your goals, wishes, and desires, we’ll begin putting together your estate plan. We’ll go over ways you can avoid and/or minimize taxes, as well as the administration of your wishes such as choosing a trustee or an executor. If you care for a family member with developmental disabilities, we can help you structure your will and estate so that they don’t lose their government benefits when you pass, but they can still benefit from you financially.
No one truly likes discussing their death. However, if you avoid the discussion altogether, you can leave a nightmare behind for your surviving relatives. It’s better to have the discussion and get it over with than ignore the matter. The sooner you put a plan in place, the better. Remember, you can (and should) update your estate plan regularly, or at least when a major life event happens, such as you buy more property, you move, or a spouse dies. Once you have done the legwork on the overarching estate plan, these changes are relatively simple and quick to implement.
Our estate planning lawyers are here to help guide you throughout this process. We have a location in the Bronx and proudly serve the many areas throughout New York City. Contact us today for a consultation.