Have you ever thought about writing a Will and just haven’t gotten around to it yet? Or, maybe you might be avoiding the conversation altogether because it’s kinda morbid and you don’t want to even think about your future death.
You can continue on that path, or face the reality, as you have heard many times,
“Two things are certain in life, death and taxes.” – Benjamin Franklin
Besides, if you don’t write a Will or do your own estate planning, New York State has its own statute which provides how your property will be distributed after your death. However, the way it will be distributed may or may not be the way that you intend. So, the best way to ensure that your property is passed along to your intended recipient is to write a Will or a Trust.
Another benefit of estate planning is tax planning and to protect family assets in the event of marriage or divorce.
I met with Jeffrey A. Asher, a trust and estates attorney last week during our weekly “Coffee Break With Sabra” and he talked more extensively about the importance of having a Will, who should have one and who would benefit from estate and tax planning to minimize the New York State and Federal estate tax due. He also talked about a frequently used trust referred to as the Revocable Living Trust and its benefits.
You can listen in to the call with Jeffrey Asher to hear all about what he had to say by clicking “play” below:
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Sabra, thanks for this post! It is SO important and something I remind my clients of ALL THE TIME! I have heard horror stories about what can happen if you don’t have the proper directives and POAs in place. And most people think it’s about the kids, but it goes beyond that. Thanks for this great reminder!
Great and timely reminder Sabrina. Time to stop procrastinating on this.
This must be a message from the universe! Writing up a simple Will is something that has been on my mind and on my “list” for a while….okay for a couple of years. (can you say procrastinate) And, if you look at what else is on the list getting the Will in place is probably the most important. Thanks for this great call and for prompting me to take action.
This is a good reminder. I have had enough changes that I really need to address this again. Thank you for the post. I know that even sometimes, when you think you have covered all the bases…you have missed one thing that cn cause a lot of trouble.
I agree with the comments above – this is a good reminder! Sometimes we tend to procrastinate getting this done as it’s something for “the future”, but I think we just need remind ourselves again on it’s importance and the peace of mind you get once you write it up.
You’re right, you’re right, I know you’re right! Thanks for the reminder. Life has changed a lot since i made my last one.
Thanks, Sabra, this is so valuable to educate others on the need to have a Will. I have had a Will for a long time, and yet I have to admit, I procrastinated getting one until I first started traveling and realized what would happen to my kids if I didn’t have something in place. We all want to be sure our families are well cared for and nothing is left to chance.