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