The Lawyer’s Desk
By: Joshua Butnick, Esq.
Many younger families are under the (mistaken) belief that they either do not need a Will or can wait until they are much older to worry about it. Many people just don’t want to have to think about it and are turned off by the subject matter.
In reality, any family should seriously consider consulting with an attorney for the drafting and execution of a Will and the associated estate planning documents such as a “living will,” “health care proxy,” and “power of attorney.” While there may be some costs associated with creating a Will, the possible savings on the back end are often well worth the investment. In addition, you will have the peace-of-mind knowing that all of your wishes will be carried out once you are no longer around.
If you don’t have a Will, your assets will be distributed according to New York State Law, which does not take any of your personal wishes into account and may distribute funds to people you’d rather leave out or may have negative tax consequences. Generally speaking, only high value estates are subject to the “estate tax” but it is something you should always discuss with an attorney to plan accordingly and save your heirs possible taxes. Also, there can be added costs with going through the probate court process if there is no Will.
If you have kids, another advantage of drafting a will is that you can appoint a guardian for your minor children, should their parents no longer be living. Many times, the most contentious, expensive, and emotional fights and court proceedings involve various family members arguing over custody of a child whose parents have just passed away. All of this can be avoided by having a properly drafted and executed Will in place.
Finally, perhaps you choose you want to make specific gifts to certain friends, family members, or charities once you pass on. These bequests can only be accomplished if your wishes are encapsulated in a Will.
While it is much easier to simply put it out of mind, and most Americans do not have a Will, you can save your family significant cost, grief, and potential difficulty by putting a formal estate plan in place.
This article is written by a member of the Oxman Law Group, PLLC (www.oxmanlaw.com). Any comments or inquiries are welcome and can be directed to Marc Oxman at 914-422-3900 or moxman@oxmanlaw.com.
