Poor estate planning can leave your family in a precarious and fractured situation. If you do not draft a clear-cut plan that delegates your property, then you risk New York state making your decision for you.
Though neglecting to create an estate plan is dangerous enough, writing an unclear will might be even worse. Look at high-profile cases like Aretha Franklin’s estate. She did not draft a clear will, leaving her children to argue over the remains of her money.
Your family loses out
Besides the emotional damage caused by estate arguments, the prolonged legal process also depletes the final inheritance your family receives. In the case of Aretha Franklin, her children owe millions of dollars to the IRS in back taxes. According to the IRS, a decedent’s estate owes taxes on any years that a return was not filed. You may think this could never happen to you, but you cannot predict when illness or other unforeseen difficulties arise that hamper your ability to manage your estate.
You cannot do it alone
It is in your best interest to create an estate plan as soon as possible, especially if you have children or close family members who rely on your support. Consult with an experienced attorney about the different types of trusts and wills to ensure your family is not left to fend for themselves. Do not try to handle estate planning on your own.
Drafting an estate plan is not easy, but you can simplify the process by starting at a relatively young age. This allows you to spend the time you need and make changes if you want to increase the scope of your inheritance.