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If you don’t have an estate plan, you need one, now

On Behalf of | Dec 28, 2021 | Estate Planning

With the uncertain times of the last two years, we all know what we must do. We all must have an estate plan. It does not matter whether one believes they are wealthy, everyone has wealth, even if it is just the joy we give to our loved ones. And, the attorneys at McGarry & Simon are here to help.

Failing to plan

There is one thing that is guaranteed in life, and that is that we all die. However, studies repeatedly show that, collectively, we are all failing to plan for that inevitability. This is true, even among the most financially savvy of us. For example, according to a research study by Edward Jones, they found that, among those working with a financial advisor, about two-thirds never broached the topic of estate planning. This is a cross-generational issue too. Only about one-third of Millennials and Generation Xers have even discussed estate planning with an expert, and that rate only bumps up to 38% for Boomers.

There is probably more wealth at issue than one may think

On average, residents in our area of the country, including the New York, New York, metro area, have about $500,000 in retirement savings. That is wealth. But, even those without retirement accounts still likely has wealth, whether it is a future inheritance, cars, homes, property, etc. Even one’s small cryptocurrency account could balloon.

No estate plans means less of an estate

Studies consistently show that the probate process can eat up valuable resources and time. Often, it eats 10% of an estate, and even more, if there is contentious litigation. It can take months or years to resolve. This leaves grieving families in the lurch, while also reducing the amount of money left for them to move on.

It is not just about death either

What many New Yorkers forget is that an estate plan is not just about what happens when someone dies. Of course, it dictates who gets what. But, an estate plan will also include what we want to happen to our bodies after we die, and who will make choices for us, should we become incapacitated. It designated healthcare proxies, and it can even set up trusts to help avoid state and federal taxes. This is why estate planning with McGarry & Simon is so urgent.