[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/despite-pandemic-many-still-dont-have-an-estate-plan-white-plains-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/despite-pandemic-many-still-dont-have-an-estate-plan-white-plains-ny-greenwich-ct\/","headline":"Despite Pandemic, Many Still Don\u2019t Have an Estate Plan","name":"Despite Pandemic, Many Still Don\u2019t Have an Estate Plan","description":"\u201cThe Covid-19 has produced a rise in estate planning…but not a large enough one. Most Americans still do not have a last will and testament.\u201d It\u2019s true\u2014many people still believe that they don\u2019t have enough assets so they don\u2019t need a will, or that their money will automatically go to a next of kin. Both […]","datePublished":"2020-11-10","dateModified":"2024-03-20","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026be4213954.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026be4213954.jpg","height":1600,"width":1067},"url":"https:\/\/www.amorusolaw.com\/blog\/despite-pandemic-many-still-dont-have-an-estate-plan-white-plains-ny-greenwich-ct\/","about":["Estate Planning","Guardians","Intestate\/Intestacy","Life Insurance","Retirement Plans","Surviving Spouse","Transfer on Death (TOD)","Trustee","Trusts","Will"],"wordCount":555,"keywords":["Estate Planning","Guardian","Intestacy","Life Insurance","Retirement Plans","Surviving Spouse","Transfer on Death","Trustee","Trusts","Will"],"articleBody":"\u201cThe Covid-19 has produced a rise in estate planning…but not a large enough one. Most Americans still do not have a last will and testament.\u201dIt\u2019s true\u2014many people still believe that they don\u2019t have enough assets so they don\u2019t need a will, or that their money will automatically go to a next of kin. Both of these beliefs are wrong. While the title of this CNBC article is “More people are creating wills amid the pandemic“, the story\u2019s focus is on the fact that most Americans don\u2019t have a will. If you belong to this group, here\u2019s what happens when you die.The state you live in has laws about who will receive your assets if you die without a will, known as intestacy. Let\u2019s say you live in New York. Your surviving spouse and children will receive your assets. However, in Texas, your assets will be entered into the state\u2019s intestacy probate process, and your relatives will divide up your assets. Want to be in charge of who inherits your property? Have a will created with an experienced estate attorney.Young adults think they don\u2019t need a will, but Covid-19 has taken the lives of many healthy, young people. Every adult over age 18 needs a will. If you don\u2019t have one, your loved ones\u2014even if it\u2019s your parents\u2014will inherit a legal mess that will take time and money to fix.If you have children and no will, there\u2019s no way to be sure who will raise your children. The court will decide. Choose your guardians, name them in your will and be sure to name additional choices just in case the first guardian can\u2019t or won\u2019t serve. You should also appoint someone to be in charge of your children\u2019s money.What if you had a will created 10 or twenty years ago? That\u2019s another big mistake. Your life changes, the law changes, and so do relationships. Life insurance policies, retirement plans, and transfer-on-death instruments are all legally binding contracts. The last will you made will be used, and if you haven\u2019t updated your will or other documents, then the old decisions will stand. Remember that contracts supersede wills, so no matter how much you don\u2019t want your ex to receive your life insurance proceeds, failing to change that designation won\u2019t help your second spouse. You should review and update all documents.Doing it yourself is risky. You won\u2019t know if your will is valid and enforceable, if you do it from an online template. Your heirs will have to fix things, which can be expensive. The cost of an estate plan depends on the complexity of your situation. You may only need a will, power of attorney and advance directive such as a health care proxy. You may also need trusts to pass property along with minimal taxes. An estate planning attorney will be able to give you an idea of how much your estate plan will cost.Talking about death and planning for it is a difficult topic for everyone, but a well-planned estate plan is one of the most thoughtful gifts you can give to your loved ones.Reference: CNBC (Oct. 5, 2020) “More people are creating wills amid the pandemic“"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Despite Pandemic, Many Still Don\u2019t Have an Estate Plan","item":"https:\/\/www.amorusolaw.com\/blog\/despite-pandemic-many-still-dont-have-an-estate-plan-white-plains-ny-greenwich-ct\/#breadcrumbitem"}]}]