Despite its importance, as we have spoken about before, many New Yorkers are still neglecting estate planning. But, why? We all know we will die someday, and we all know that those that we leave behind will have to deal with what and who we leave behind.
Why are New Yorkers still not estate planning?
This negligence can be attributed to several factors, including the perceived complexity of New York’s estate laws and the misconception that estate planning is only for the wealthy. However, understanding the significance of estate planning is crucial for everyone, regardless of their financial status.
It is just about money
Estate planning is not merely about distributing assets. It is about securing your financial, personal and familial well-being. Without a proper plan in place, New York laws will dictate how your assets are distributed, potentially contradicting your wishes. This is particularly crucial as your family’s wealth and size increases. Your estate plan also includes careful planning to preserve assets, designates guardians for minor children and includes your healthcare wishes, should you become incapacitated.
But, I already did it
Moreover, estate planning is not a one-time task. Your estate plan evolves with different life stages. Young adults should initiate estate planning as soon as they turn 18 to make sure that your healthcare wishes are honored. It should be updated as you acquire assets, with periodic updates as your financial situation becomes more intricate and your family grows and you marry.
Conclusion
Debunking myths and misconceptions surrounding estate planning is imperative. It is not just for the affluent. It is a fundamental aspect of financial security and personal welfare for all New Yorkers. By understanding its importance and seeking expert guidance, individuals can ensure their healthcare wishes are honored, assets are protected, their loved ones provided for and their legacy preserved according to their desires.