When it comes to estate planning, one of the most common misconceptions is that it’s too early or someone is too young to start planning for a time when they will no longer be in the picture. However, no matter how young you are or how much your assets are worth, it’s never too early to start the estate planning process with an attorney by your side.
A whopping 55% of Americans die without a will or estate plan; another 72% of those who have started the process do not have an up-to-date will. When it comes to starting your estate planning or updating your existing one more extensively, there’s no better way to make decisions than to arm yourself with the facts.
Here are a few reasons why it’s always a good time to start preparing for the future with an estate plan
You Protect Your Children
Many of us expect to be around for the entirety of our children’s childhood years. However, if you pass away without a plan and your children are under 18, the courts will have to step in and appoint a legal guardian who may not exactly be your first choice. When you plan your estate and set up your will, you will be the one to decide on how to arrange a secure future for your children if the unexpected does happen.
You Protect Your Property from Unintended Beneficiaries
A primary component of your estate plan involves making sure that, when you pass on, all your physical assets go to exactly who you want them to go to; the people you choose to receive these assets are known as your beneficiaries.
If the unexpected happens and you haven’t made these decisions yet, NYS statute will determine who shares in your estate. Thus a child or a sibling you may never wanted to receive money from you might receive a percentage of your estate when you pass on.
You Reduce Your Beneficiaries’ Tax Burden
For many parents, one of the primary reasons they work so hard is so that they can eventually pass down their assets to their children. When you do so, it may be subject to federal and state taxes. Your estate planning attorney can help pass on assets while minimizing the impact of taxes on your children’s inheritance.
Helping You Plan for Your Family and Your Future
There is no better time than right now to start planning your estate, if you haven’t done so already. At Wisselman, Harounian & Associates, our estate planning attorneys are here to guide you through the process seamlessly and answer all of your questions along the way. We will make sure that you have everything you need to feel prepared for the future.
For more information or to get started with your estate plan, don’t hesitate to reach out to our estate planning lawyers at (516) 406-8500. We serve the clients throughout Long Island and all of New York.