A will is also not permanent and allows for modifications to be made while you’re alive. If you have minor children, a will allows you to plan for their care in the tragic event that they survive you while they are still minors. Since there is not yet a clinically proven way to avoid death, however, it’s usually a good idea to have one so you can have control over how your assets will be distributed after you pass and who will be in charge of distributing them making sure the right person is chosen for this task is pivotal to ensure a smooth distribution process. There is currently no law that requires individuals to have a will. It also allows for efficient tax planning to make sure that your beneficiaries are not stuck with an enormous tax liability during and after the transfer of assets. What Is Estate Planning & Why Do I Need to Plan?Įstate planning allows you to arrange for the transfer of your assets after death and to decide who will benefit from your estate and to what extent. COVID-19 Coronavirus 5 Must Have Estate Documents.COVID-19 Emergency Estate Planning Tips.COVID-19 Why A Health Care Proxy Is Critical Now.Unemployment Insurance Questions & Answers During COVID-19 Time in NY.Probate filing with Surrogate’s court after Covid-19: New Rules and Procedures.Why Drafting a Trust is so Important During the Covid-19 Pandemic.Who pays for Nursing Home if I stay longer than 3 months?.Why TRUSTS are better than Wills after Covid-19 Estate planning?.HRA Implements New Policies on Charging People With Fraud.New York Medicaid Changes 2022-2023 | Urgent Medicaid News.
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