There are many reasons why an individual should consider some sort of estate plan to avoid dying intestate. Four of the key reasons why you do not want to die intestate include the following:
- A family fight over assets: If you pass away without a will or some other estate planning document, New York State intestacy law will determine the disposition of your estate. Without specifics, your family could end up fighting over everything from money to the family camp to an engagement ring that has been in the family for years. By writing down your wishes through a will or other estate planning document, you reduce the chances this fighting will happen.
- Your assets could go to people you would prefer not have your assets: You only get to determine who inherits if you make a plan to transfer assets in a will or through other means. Otherwise, the state law determines who receives your assets. While intestacy law aims to give inheritances to close family, these laws won’t necessarily distribute your assets the way you would have wanted, or in the manner you intended.
- Your assets may not be used in preferred ways:You have no control over what happens to your wealth if it transfers via intestacy law. For example, you may have wanted your money to be used to pay for a grandchild’s education or for the money to go to charity. You won’t get to have your wishes met if you don’t use trusts, wills, and other tools to ensure your assets are used as you see fit.
- You cannot protect your assets:If you have a large estate, estate tax may be assessed and wealth will be lost. Money could be lost during the probate process. You don’t want your hard-earned assets to be wasted just because you did not get around to making an estate plan to protect them.
There are also many other reasons why you want to avoid dying intestate by making a comprehensive estate plan. To find out more about the ways in which an experienced attorney can assist you in the planning process, you should reach out for legal help as soon as possible. Do not assume you have lots of time, as even younger people can experience an unexpected illness or injury, making it too late for them to make an estate plan. At a minimum, the creation of a last will and testament will give you the chance to determine who inherits your assets. However, other tools like trusts can give you much more control, which is especially important if you are trying to reduce estate tax or if you have heirs or beneficiaries with unique needs, such as underaged or disabled heirs. Sitting down with an attorney will be a great help in clarifying what is the appropriate course of action for you unique situation.