Many people in New York and elsewhere think that estate planning can be insuperably difficult, with so many tortuous twists and turns that doing it right is just about impossible.
Others think that it is irrelevant to their personal situation and primarily applicable only to super-wealthy individuals and families.
Those are misconceptions that might optimally be responded to in this way: Sound and well-tailored planning can be a slam dunk when a proven estate planning attorney is closely involved with the details, and people from all walks of life can benefit from a plan that is responsive to their unique situation.
It is certainly true that estate planning is an area of the law that is highly singular and complex, given that it deals comprehensively with a host of important considerations. Those include the distribution of assets to heirs and future generations, tax avoidance, health considerations, important aspects relating to aging and many other topics.
As such, it simply makes sense that an individual or family thinking about asset preservation, provisions for loved ones upon a family member’s death, health care requirements and other weighty matters enlist close help from a professional. An experienced estate planning lawyer intimately knows the relevant law and can draft agreements and documents to withstand legal scrutiny.
In fact, and as noted in a recent article on planning, “it’s vital that legal counseling be used.”
Estate planning is broadly applicable across a wide universe of concerns. Crafting a plan that is timely, comprehensive and periodically updated as required can bring great piece of mind to a planner and loved ones and help ensure the realization of planning objectives.
Source: CNBC, "The 5 biggest estate-planning blunders," Shelly Schwartz, April 14, 2014