The simple answer for most people is typically “YES”, although the reasons may differ.  Below is a list (in no particular order) of reasons to do, or review your estate planning.


15 Most Common Reasons to Do (or Review) Your Estate Planning

  1. The desire to designate who will manage your affairs if you become disabled and when you pass away.
  2. The desire to plan for Medicaid and its impact on your estate if you must go into a nursing home.
  3. The desire to avoid probate when you pass away.
  4. The desire to protect children from a prior marriage if you pass away before your new spouse.
  5. The desire to protect assets to be inherited by your heirs from lawsuits, divorces and other claims of their creditors.
  6. The desire to implement safeguards to protect children (and/or grandchildren) who may not be capable or experienced in managing money to be inherited.
  7. The desire to provide money to special needs children and grandchildren.
  8. The desire to do estate Tax Planning – While the Federal exemption is $5 million, NYS only allows for a $1 million exemption.
  9. The desire to protect a portion of your estate for your children and grandchildren if you pass away first and your surviving spouse remarries.
  10. The desire to address different needs of different children.
  11. The desire to prevent or discourage challenges to your estate plan and/or will.
  12. The desire to designate a guardian for minor children.
  13. The desire to assure sufficient funds for an education for children/grandchildren, despite what they (or their parents) dream of doing with the inheritance.
  14. To address “Brady-Bunch” family estate planning issues: assure the step-parent doesn’t spend your children’s inheritance and/or provide for a spouse without sacrificing the intended legacy for children of a prior marriage.
  15. The desire to avoid Court involvement in the process of implementing your estate plan, to avoid expense, delay and/or public disclosure.

Whether you have a traditional family or a complex situation, we can assist you in designing an estate plan appropriate for you and your family.

Please contact us if you have any questions or would like to schedule an appointment to discuss your estate planning needs or to review an existing plan to determine if it is still appropriate or if any changes are required.

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