You might have stumbled upon the phrase “estate planning” a few times. Maybe you shrugged it off, thinking it wasn’t something you needed to concern yourself with at that moment. After all, isn’t estate planning something only the rich and famous do?
I’m attorney Norman Mattar, practicing in Buffalo, New York, and I’m here to assure you that’s not the case. Everyone needs estate planning.
Breaking down estate planning
Estate planning is a proactive process of arranging your assets and finances for the future. The aim is to maximize the wealth you pass on to your beneficiaries and ensure your wishes are carried out.
Think of it like packing for a vacation. You wouldn’t go on a trip without planning where you’re going, what you’re taking, or what you’ll do if something unexpected happens. Estate planning is like that suitcase, carrying your wishes and ensuring they reach the right destination in the most efficient way possible.
Why is estate planning necessary?
Estate planning is necessary for everyone because it deals with safeguarding your assets, assigning heirs, and clarifying your wishes about end-of-life care. Without a plan, these critical decisions could be left to others, resulting in confusion, conflicts, and a potential loss of assets due to New York State laws.
In New York, if you pass away without a will, or “intestate,” your property will be distributed according to the state’s intestacy laws. This might not necessarily align with what you wanted. Moreover, the absence of a will could lead to unnecessary legal proceedings, causing your loved ones emotional and financial stress.
A real-life estate-planning example
To illustrate the importance of estate planning, let’s consider a story. A man named Mr. Johnson had a substantial estate and a large, blended family. He believed his family would “sort it out” when he was no longer around.
Unfortunately, when he passed away unexpectedly, without a will, his family was left in a state of turmoil. The New York intestacy laws dictated the distribution of his assets, resulting in severe discord among his loved ones.
This heartache and stress could have been avoided had Mr. Johnson created an estate plan.
Who needs estate planning?
The answer to who needs estate planning is simple: everyone.
Whether you’re single or married or with or without children, you benefit from an estate plan. Young professionals starting their careers, parents seeking to secure their children’s future, retirees wanting to leave a legacy—all benefit from estate planning.
It’s not about the size of the estate; rather, it’s about ensuring your wishes are followed, your loved ones are cared for, and your legacy is preserved.
Enlist the help of an estate-planning lawyer
Estate planning and the laws of New York can be complex. That’s why it’s crucial to enlist the help of a professional, such as an estate-planning lawyer, who can guide you through this process.
As an estate-planning lawyer based in Buffalo, I’ve helped many clients navigate the intricacies of New York estate laws, ensuring their peace of mind. Together, we can tailor an estate plan that fits your needs and safeguards your legacy.
Time to take action
Remember, estate planning is not about predicting the future; rather, it’s about being prepared for it. So, why leave things to chance? Start your estate planning today. If you’re in Buffalo or elsewhere in Western New York, feel free to contact my office. Together, we can prepare for the journey ahead, ensuring that your wishes are followed and your loved ones protected. Your peace of mind is just a phone call away. Call 716-633-4300 today
