Many families in New York make the mistake of underestimating the importance of estate planning. This leaves them in the lurch when they need to have an estate plan in place. However, the common thought is that estate planning is only for rich people. You should not have to learn the hard way that this is a misconception.
Estate planning is about more than you think
Of course, estate planning does cover things such as wills and trusts. Wills may deal with property, but there are also living wills that will express your wishes for things that happen during your life. There are also trusts that do more than just bequeath property. These trusts can provide for the care of yourself of a loved one as it is necessary. Finally, estate planning can also include critical areas such as medical care when you are not able to make decisions or financial powers of attorneys.
Estate planning is not as hard as you think it is
The consequences of not having an estate plan may include litigation and having to wait for the court to get involved. Really, all you need to do right now is to begin the process by writing down a list of your plans and needs. Then, you would educate yourself on the various options that are available and choose the ones that work for you. Then, you would reevaluate and adjust the estate plan as your life changes in the future. Estate planning is not as difficult as you think, and it is important to start now.
One of the best steps to take to begin your own estate planning is to contact an attorney who can help you with the process. If you find estate planning to be intimidating, an attorney might take some of the fear and mystery out of the process for you. By sitting down with you for a little bit of time, they can start you in the right direction. Then, they might draft the documents for you to sign.