Many people don’t know exactly how they should handle the idea of their “estate”. For the majority of people, such considerations are far off into the future. However, as soon as you get a family, get a little older in age, and amass a little bit of money for yourself, the questions start to pile up.
- Should I have a will?
- What type of insurance should I have?
- What will happen to my business if I pass away?
All of these are valid questions, and by no means are we lawyers or qualified to give any legal advice, but there are some general guidelines to help you make your own decisions.
We spoke with on NYC estate planning lawyer at Estate Lawyer NYC, and he mentioned a few things to keep in mind (this is again, not official legal advice, so use at your own risk):
Firstly, you don’t necessarily need a will. For the most part, your possessions will pass to your next of kin without much complication. It’s not like the boogeyman is going to snatch up your life savings. Wills are handy in more complex situations, or where you might want to favor one family member over another.
Secondly, not all estate planning has to do with a will. It may be that you have medicaid and medicare considerations for yourself, or more commonly for your parents or elderly family members.
Thirdly, most peoples anxiety around estate planning has to do with what happens to their family when they pass away. For this, you will probably be better off getting some life insurance, rather than worrying about estate planning and wills.