Family People
You may be single or married, have children or not, or be in a traditional or modern relationship. The one common denominator is that you truly and deeply care about the people in your life, and you want to make things as easy as possible for them when something happens.
This might be simple if only our probate courts were not clogged with the impact of the complexity of money and family – then it would be “easy” to go through court and there would not be $17.5 billion of unclaimed assets in the State of New York alone.
The protection of estate planning is for all individuals and families who have anyone and anything they care about.
Married With Children
When you are married with children, estate planning seems pretty straightforward.
You want your spouse making decisions for you if you can’t, and you want your assets to go to your spouse when you die and then to your children.
But a myriad of questions need to be answered to ensure your family stays out of court and out of conflict in the event of your incapacity or death, even when you are simply married with children. And some tactical specifics need to happen to ensure your assets don’t end up lost to the state department of unclaimed property if your family overlooks something when you are not there to guide them.
Blended Families
No matter how close or friendly you think your spouse and your children are, there is simply unavoidable and inherent conflict among them upon your death.
The great news is that this conflict can be mitigated, and you can ensure that the people you love most will all be well taken care of with the most ease possible.
You can even take actions in advance to support them being on the same team in a time of grief if and when something happens to you.
But it does not happen like magic. It does take planning.
Single Parents
If something happens to you while your children are minors, you want to ensure you have made the decision about who cares for them and how.
In the most ideal scenario your child’s other parent would be suitable to take custody of your child if you cannot be there. But in many cases, that’s not possible or desired. And even if it is, you may want the financial resources you are leaving behind cared for by someone other than your former spouse or partner.
You need to take the necessary steps to legally document your wishes so nothing unexpected happens.
Life Partners
In many ways, estate planning is almost more important for you when you are in an unmarried relationship with your life partner.
The law does not protect your life partner, period.
You have to take action yourself to ensure you will have access to your loved one’s hospital bedside. If you do not take action, it is very likely that the person you love most in the world could be blocked from being with you after an accident, making health care decisions for you, deciding what you are nourished with if you cannot decide for yourself, or who gets to see you.
And that is just your healthcare.
Without the protection of estate planning, you leave a lot up to chance.
Older Adults
You may be living your life concerned about your retirement income, how to manage your liquidity, and contemplating your legacy. All of this while concerned about how you may manage a long-term care event and other risks.
You want to be sure that you and your family have a plan on how to live your life and be able to leave a legacy that limits court costs and family conflict.
