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Estate planning in New York involves making a list of assets

With 2014 in full swing in New York, a person may be working hard to get his or her life in order by trying to keep his or her New Year's resolutions. This may include actually working out, becoming more committed to one's spouse or trying to kick a bad spending habit. Individuals would be wise to add estate planning to such a list, as engaging in this critical task helps them to get their finances in order and be prepared for the future in the event that they end up being incapacitated or dying.

An important step in estate planning is to list one's liabilities and assets. The asset list is more complete if it features the name of the company or bank tied to the details about the asset, as well as the location of the asset. In addition, if there are any account numbers associated with the asset, it would be preferable to list this information also.

An estate plan should also include the type of account associated with an asset, as well as updated balance information. Any insurance policies that a person has may be added to this list. The list is essential because beneficiaries and/or the estate executor can more easily identify an individual's estate when the time comes, as all of the important data has been kept in one place.

Engaging in New York estate planning is an important decision that could save family members the grief caused by not knowing whether a deceased loved one had any assets that have not been accounted for. It certainly is wise to keep a list of all of one's assets in a safe location and make sure that another family member or trusted acquaintance knows where it is. This can ensure that all of the assets are accessible to the appropriate individuals when needed.

Source: conwaydailysun.com, All About Money: Start with an estate plan when getting your financial house in order, Deborah J. Doucet, Jan. 3, 2014

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