Page 9 - LIFE AT THE GREENS SPRING 2018_Neat

Counsel’s Corner

7 Reasons to Create an Estate Plan

When I ask clients if they have an estate plan, often the response is “Do I really need
one?” Even if your estate is not particularly large or complex, there are several reasons
to create an estate plan:

1. To choose those who will inherit your property: If you die without a Will, assets
pass to your heirs according to State intestacy laws. A Will not only names benefi ciaries,
but can set up trusts to direct when and how your benefi ciaries receive the assets.

2. To provide for minor children: Who will raise your children if you die? You can
nominate guardians of your choice to care for your children through your Will. Without such a designation, a court
will choose.

3. Blended families: If your family is the result of multiple marriages, your estate plan can determine what goes
to your current spouse and to the children from prior marriages.

4. Unmarried couples: An estate plan is particularly important for unmarried couples who typically are not
afforded the same inheritance rights as married couples.

5. Children with special needs: Without a plan, a child with special needs risks being disqualifi ed from receiving
Medicaid or SSI benefi ts. A properly crafted estate plan can set up a Supplemental Needs Trust to preserve the
child’s benefi ts while using trust assets to pay for non-covered expenses.

6. Loss of capacity: What if you become incompetent and unable to manage your own affairs? Without a plan, a
long and expensive court proceeding is required to appoint someone to manage your affairs. With a plan, you choose
the person through a power of attorney.

7. Long-term care planning: How will you pay for care at home or in a nursing home if you need it? An estate
plan may be structured to anticipate long-term care costs and protect your assets.

Estate plans are not just for the wealthy. Regardless of the size of your estate, a well-crafted plan is necessary to
protect yourself, your family and your assets.

Richard Hamburger, Esq.
Rose M. Elefante, Esq.

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LIFE A T THE GREENS | SPRING • 2018 9