Mullen and Iannarone, P.C.
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Reasons to use estate planning

New York residents may use estate planning as a way to help prevent their estates from being overly taxed. However, with the passage of certain federal estate tax legislation, which has increased the number of exemptions for estate, federal, gift and GST taxes, people may want to take the time to consider other reasons why estate planning can be a good idea.

One important reason for a person to create an estate plan is that it can provide a sense of order after he or she has died. In the immediate aftermath of a loved one's death, surviving family may find it difficult to have to manage a disorganized estate. This can be avoided with a well-developed estate plan that can help guide surviving loved ones through the management of the estate. Estate plans should include a will, revocable trust, itemized lists of assets and debts, a list of login information for digital assets and detailed instructions regarding the creator's last wishes.

Individuals can use an estate plan to ensure that their wishes and preferences are honored. If they want to make sure that certain people receive specific assets from their estates, the appropriate legal documents can be included in their estate plans to make sure that their assets are distributed to the right individuals in the manner they stipulate.

Estate plans can also be used to designate the individuals who will have the authority to manage the estate. They include an executor, or someone appointed to oversee the administration of the estate, and guardians to oversee the care of surviving minor children.

An attorney who offers estate planning services may evaluate a client's estate and suggest certain types of tools and documents to include in the plan. Assistance may be provided for drafting certain types of wills and provisions of trusts.

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