![\"man,](\"https:\/\/mommybites.com\/wp-content\/uploads\/sites\/2\/2019\/10\/Couple-with-Lawyer.jpg\" "\\"Why")
<\/p>\n<\/p>\n
<\/p>\n
You may think estate planning is just for the very rich or the very old. It\u2019s not.<\/p>\n
Whether you have young children or aging parents, a traditional or non-traditional family, a large house or a small car, you should have an estate plan.<\/p>\n
An estate plan does more than just direct the distribution of your assets upon your death. It can protect young or vulnerable beneficiaries from bad decision-making, minimize taxes, preserve eligibility for government benefits, and appoint agents to manage your affairs in the event of your disability.<\/p>\n
Despite its importance, only 4 in 10 adults in the U.S. have Wills, according to AARP\u2014and the excuses are understandable:<\/p>\n
Without an estate plan, your family may be left unprotected and experience unexpected and undesired outcomes. Without an estate plan, state law will direct what happens to your property and a court will decide who will be in charge.<\/p>\n
Without a Will or a Trust, your estate will be divided according to the laws of intestate distribution. The court will name an Administrator to settle the estate as well as Guardians for your minor children. The Administrator and Guardians chosen may not be the persons you would prefer. And without directions laid out in a Will or Trust to the contrary, minors will receive their inheritances at the age of 18, which can lead to disastrous results.<\/p>\n
A good estate plan ensures:<\/p>\n
An estate plan doesn\u2019t have to be complex or expensive, but it should:<\/p>\n
Whether you are creating a million-dollar trust for your children\u2019s education or just making sure your favorite nephew gets your comic book collection, don\u2019t put off planning your estate. Don\u2019t let the courts and the default provisions in the law determine outcomes for you and your family. Be proactive and create a good estate plan. The peace of mind and security for your loved ones will be worth the time and expense.<\/p>\n
James F. Burdi, Esq.<\/a>, is a partner in Vishnick McGovern Milizio LLP\u2019s Trusts and Estates and Elder Law Practices. He is the former counsel to the State of New York EPTL-SCPA Legislative Advisory Committee. He frequently lectures in continuing legal education at St. John\u2019s School of Law and before various community organizations.<\/p>\n Like what you read? JOIN the Mommybites community<\/a> to get the latest on\u00a0FREE online classes<\/a>,\u00a0parenting advice<\/a>,\u00a0events<\/a>,\u00a0childcare listings<\/a>,\u00a0casting calls<\/a>\u00a0&\u00a0raffles,<\/a>\u00a0and our\u00a0Parents With Nannies Facebook group<\/a>. SIGN UP NOW<\/a>!\u00a0<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" You may think estate planning is just for the very rich or the very old. It\u2019s not. Whether you have young children or aging parents, a traditional or non-traditional family, a large house or a small car, you should have a will.<\/p>\n","protected":false},"author":5057,"featured_media":28479,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"schneps_byline":"","schneps_post_style":"","schneps_post_source":"","schneps_syndicated_read_more":"","schneps_post_source_sitename":"","schneps_post_source_shortname":"","schneps_post_source_url":"","schneps_post_source_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[257,51,45],"tags":[44,62,50],"class_list":["post-28463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sponsored","category-dads","category-moms","tag-education","tag-money","tag-relationships"],"acf":[],"parsely":{"version":"1.1.0","canonical_url":"https:\/\/mommybites.com\/newyork\/why-you-need-a-will-regardless-of-age-and-wealth\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why You Need a Will Regardless of Age and Wealth","url":"http:\/\/mommybites.com\/newyork\/why-you-need-a-will-regardless-of-age-and-wealth\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/mommybites.com\/newyork\/why-you-need-a-will-regardless-of-age-and-wealth\/"},"thumbnailUrl":"https:\/\/mommybites.com\/newyork\/wp-content\/uploads\/sites\/2\/2019\/10\/Couple-with-Lawyer.jpg?w=150&h=150&crop=1","image":{"@type":"ImageObject","url":"https:\/\/mommybites.com\/newyork\/wp-content\/uploads\/sites\/2\/2019\/10\/Couple-with-Lawyer.jpg"},"articleSection":"Sponsored","author":[{"@type":"Person","name":"Sponsored by James F. Burdi, Esq., Partner at Vishnick McGovern Milizio LLP"}],"creator":["Sponsored by James F. Burdi, Esq., Partner at Vishnick McGovern Milizio LLP"],"publisher":{"@type":"Organization","name":"Mommybites New York","logo":""},"keywords":["education","money","relationships"],"dateCreated":"2019-10-11T12:00:50Z","datePublished":"2019-10-11T12:00:50Z","dateModified":"2020-11-02T19:48:49Z"},"rendered":"