People often feel that they won’t die for a while, so putting together a will — especially when they are young — is one of the farthest things from their mind in New York. However, it is never too early for them to be prepared if they die, as their family members will benefit from their advanced planning. One recent article emphasizes the value of will execution and why people fail to engage in this important activity.
Many people don’t want to put a will together simply because they don’t think they need one or they simply prefer to procrastinate, according to recent research. In fact, 50 percent of Americans with children lack a will. Meanwhile, a whopping 75 percent of people under 34 don’t have a will. What’s more, at least 40 percent of people near retirement age don’t have a will in place.
A will is often essential in helping a person to safeguard any assets they have accumulated over the years. These include retirement money, a home or investment property. People especially need to update this document when they experience a major life event, such as a marriage or the birth of a child. If a person fails to decide how their assets will be distributed upon their death, then the state will end up deciding through the process of probate, and the outcome may be very different from what you would have preferred.
Through proper will execution in New York, a person can rest assured that their assets will end up in the hands of their significant other, children or whoever else they want to have their property when they die. Will execution can be performed with their loved ones’ interests in mind. It is within this person’s right to protect the belongings they’ve worked hard to attain over the years.
Source: CBS Boston, Not Planning On Dying Is Dumb , No author, Sept. 23, 2013
A person may reflect on all of the assets they own and then wonder what will happen to their belongings when they die. Proper will execution in New York will certainly help them to have a plan in place to protect their assets when this happens. However, in today’s society, assets are not merely physical property, such as land or cash in the bank: They can be digital as well. A recent article calls attention to the need to protect digital assets, a virtually new category of assets today.
Most people enjoy logging on to Facebook, their Yahoo mail and other online accounts on a daily basis. However, if something happens to them, not even their beneficiaries can legally access these accounts because sites such as Twitter provide a Terms of Service document that prevents this from happening. This is why a person should plan ahead — so that the right beneficiaries have access to their digital property after they have passed away.
When a person draws up their estate plan, it should now include the seamless transition of their digital assets. For instance, the plan can include security information for different digital accounts and provide instructions for how a person wants their beneficiaries to handle these accounts. Some digital assets, such as family videos or photos, may need to be preserved, while others — such as a record of someone’s online activity — may need to be destroyed for privacy reasons.
Will execution in New York allows an individual to ensure that their property ends up in the hands of their desired beneficiaries. In addition to including bank accounts and houses, a person’s estate also includes their digital assets in modern society. A person has the right to seek legal guidance to ensure that through proper will execution, all of these assets are accessible to the proper beneficiaries in the event of the person’s death.
Source: Northwestern MutualVoice, What Happens To Your Digital Assets When You Die? , Karl G. Gouverneur, Sept. 17, 2013
Putting together a will in the event that one dies may not be the most appealing activity. However, proper will execution in New York can protect a person’s finances in addition to protecting their beneficiaries in the coming years. A person can dictate their future by determining how their property is distributed and who will serve as their young children’s guardian when they die. A recent article highlights the specific areas that one must consider when putting together a complete and effective will.
First, when creating a will, a person should have a list of their assets handy. These may include real estate, personal property that carries valuable price tags or even retirement savings, for instance. The individual can decide to sell this property in order to make their estate more financially valuable or simply leave it directly to a loved one.
Also, if a person has debts that must be satisfied, their will should spell out which debts should be covered first and which assets can be turned into the cash needed to cover such financial obligations. In addition, creating a list of beneficiaries — who can be either people or organizations — will help a person to determine which family member or friend will receive a special item or cash asset. Finally, when preparing a will, choosing the right executor is essential: This person should be well-versed in legal and financial matters.
Will execution as part of estate planning helps an individual to ensure that when they pass away, as much of their property as possible goes to the individuals they choose to receive these assets. A person’s estate in New York may feature various types of property, ranging from homes and vehicles to cash and investments. The individual has the right to pursue their family members’ best interests through well-thought-out will execution.
Source: realvail.com, Before you write your will … , Michael Caplan, Sept. 6, 2013
Every single probate case is different and unique. In the State of New York, probate litigation can take unexpected twists and turns, especially when it is a high asset estate, multiple revised wills exist, and many different people come forward to make a claim on the estate. Recently, a probate litigation case has made the news due to the high value of the estate and the fact that the former owner of the estate was living a life of extreme poverty when he died.
A 76-year-old farmer, who was the perfect example of someone rich in land but poor in cash, recently passed away. However, his probate case was nothing short of an estate-planning nightmare. Numerous revised wills existed wills that re-inherited, disinherited and revised the amounts that different people would receive as inheritance. Also, multiple individuals, friends and family members have stepped forward in order to claim a stake in the valuable property the farmer lived on.
At the time of his death, farmer himself was in poor health due to diabetes and heart problems and he was struggling to take care of himself both physically and financially. He had just a little more than $400 cash in his bank account when he died. Now, relatives are contesting the claim that is being made on the elderly man’s estate by his friend, a carpenter who family members accuse of swindling the man. Family members say that the carpenter manipulated the man into gifting him apartment buildings with a value of approximately $1.3 million and to alter his will to benefit him. In response, attorneys for the carpenter claim the gifts and inheritance were rewarding him for the enormous amount of help and assistance he gave the elderly farmer when the farmer needed it most.
Due to the multi-million dollar value of the farmer’s estate, the reality that the farmer lived in such poor conditions during his life is particularly sobering. In such cases, legal strategies can be employed by family members in New York to ensure that they receive what is due to through the probate litigation process. Depending on the facts of a particular case, old wills and/or revised wills can be nullified if it is established that a sick and elderly individual was fraudulently manipulated or coerced into disinheriting a loved one.
Source: jsonline.com, Even in death, bachelor farmer’s valuable land stirs legal battle, Annysa Johnson, Aug. 31, 2013