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