Summer Is A Great Time for Estate Planning

Summer is a great time for estate planning! While it may be a season of vacations at the beach or in the mountains, enjoying a ball game, or relaxing with a book in the backyard, it’s also an optimal time to take care of important matters. Whether you’re having family barbecues, spending travel time together, or simply chatting about your lives, the summer season offers a unique opportunity to ensure your legacy is protected and your wishes are clearly documented. Here are five reasons why summer is the perfect time to start, or revisit, your estate plan.

• Schedules Are More Flexible – With summer, there’s typically a break from the standard routine. Often, work schedules are shortened, and families go on vacation or have a more relaxed time at home. This gives you the mental space and additional time to focus on tasks that you’ve perhaps been avoiding – such as estate planning.  
• Family Togetherness Encourages Conversations – With holidays, reunions, and trips, there are natural opportunities to gather with family and prompt deep and meaningful conversations. Discussions about legacy, values, and planning for the future can appear more natural and organic at these times of gatherings.
• Mid-Year Reset – People have mid-year reviews and resets for many things: their health screenings, their financial reviews. Similarly, summer is a smart time to assess your estate plans and make sure your documents still reflect your wishes and current life circumstances.
• Back-to-School Season is Coming – Have you thought about all the documents you need to complete for your rising college freshman? Summer is a key time to put plans in place such as healthcare proxies, powers of attorney, or guardianship designations and give the family peace of mind.
• Disaster Preparedness Season – Weather is becoming more unpredictable. Creating or reviewing your estate plan, including important contacts and documents, ensures your affairs are in order in case of summer – or anytime – emergencies. 

Your Long Island estate planning lawyer can help you get your estate plan in order this summer. 

Important Components of an Estate Plan

Now that we’ve established that this is a great time for estate planning, it’s important to understand the essential components of an estate plan. An estate plan helps people protect their assets and plan for the future. Common estate planning tools include

• Wills – Wills are among the centerpieces of a comprehensive estate plan. A will is a legal document that sets forth how your assets will be distributed upon your death. A will typically also names a personal representative who will be responsible for overseeing distribution of those assets and administering your estate. Note that if you fail to have a valid will, your assets will be distributed according to your state’s intestate scheme, and this may not comport with how you desire to distribute your assets.
• Trusts – A trust is another tool for deciding how your assets will be distributed. Trusts can be used not only to protect assets, but also to reduce taxes and ensure your long-term care. There are many types of trusts that can be created, depending on their purposes. They can be revocable or irrevocable. They are useful for people with complex estates, special needs, privacy concerns, or tax planning goals. Note that people often prefer creating a trust to executing a will, because in most cases, wills must go to probate, which is the process of validating a will.  
• Advance Directives – Advance directives are documents in which a person specifies what actions should be taken for their finances or health in the event of their incapacity. These include:
• Durable Power of Attorney – This document legally authorizes a party whom you designate to handle your financial affairs if you are unable to do so. This can include situations where, for example, you are out of the country and unable to handle your affairs, or where you are mentally incapacitated. 
• Health Care Proxy – A health care proxy appoints someone to make health care decisions for you if you are unable to do so yourself. In New York, hospitals, doctors, and other health care professionals must follow your health care proxy’s decisions as if they were your own. 
• Living Will – A living will allows you to make end-of-life decisions about health care in the event you become incapacitated. It only takes effect at the end of your life and cannot speak for yourself. Your living will can cover treatment choices such as feeding tubes, breathing machines, and types of medicines. 

The Value of an Estate Plan

We’ve already touched on a number of reasons to create an estate plan, including clearly setting forth the disposition of your assets, reducing taxes, and creating a long-term healthcare plan. But there are other reasons that an estate plan is valuable. One major reason is to reduce the risk of family disputes. Heirs who feel they have been wrongly excluded from inheritance, or who feel they have been given an unfair share, often engage in will protests or estate litigation. By clearly articulating your goals for asset distribution in legally sufficient documents, you can reduce the likelihood of this often wrenching family dynamic.  

Contact the Law Offices of Davidow, Davidow, Siegel & Stern, LLP

Believe it or not, over half of New Yorkers pass away without a will in place. When that happens, the door is open to the state’s intestate succession law being the operative distribution mechanism for your assets. Moreover, family disputes over asset distribution are more likely when there are no clear documents identifying the decedent’s wishes.

Estate planning is essential to helping you create a clear legacy. By setting out your plans and objectives, you can ensure that your family understands and respects your decisions. Why not take some time this summer to contact us to either create or review your estate plan? We are dedicated, experienced professionals who have been serving people and families in the Long Island area for many years. Contact us today to see how we can help you.

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