People are advised to take time to think about all of the assets they own and who will end up with them when they die. Correct will execution in New York allows them to determine who will benefit from these assets, thus protecting both their assets and their loved ones. The question is, who is really considered a loved one for estate-planning purposes? One recent article addresses the question of who family really is when it comes to writing a will.
People often consider their children and grandchildren to be family when putting together a will. However, questions arise when considering daughters- or sons-in-law. Another debated area is whether to include step-relationships in the equation as well as exes.
In order to sort out these issues, people who are writing their wills should have family meetings to discuss these matters. Only 10 percent of people are successful in passing down wealth to the fourth generation. This is why will execution is so important: Without it, a family’s wealth can easily be lost. When putting together wills, people need to be flexible and take into consideration the closeness of family relationships when making final estate-planning decisions.
Will execution enables people to ensure that their treasured assets go to the right people in the event that they end up dying. These assets could include property, a business or bank account savings. With an understanding of modern laws related to estate planning in New York, a person can rest in peace knowing that his or her chosen beneficiaries will legally receive exactly what is entitled to them.
Source: Reuters, YOUR PRACTICE-Who is family when it comes to estate planning? , Beth Pinsker, Oct. 29, 2013
Individuals don’t take time to put together their wills for a myriad of reasons. Some people simply don’t feel they have the time to do it. Others don’t feel the need to do it, while others prefer to avoid the troubling topic of death. However, being prepared now for one’s untimely death in New York through proper will execution can help to prevent strife among family members in the future. One recent article describes some of the most common mistakes made during the estate planning process.
First, people often think they are too young to be bothered with producing their wills. However, even if people don’t have many assets, they should still designate powers of attorney to decide how they will be cared for at the end of their lives. In addition, a person should set up a trust fund that allows a trustee to disperse cash to a beneficiary at certain time periods rather than simply leaving a lump of cash to the beneficiary.
An estate plan also should be edited as an individual’s financial circumstances change due to situations such as divorce, marriage or the birth of a child. People who have quite a few assets to leave to family members additionally should consider the tax consequences of doing so, as their loved ones will have to pay estate taxes. However, while a person is alive, he or she can legally gift assets of up to $13,000 per year to another person.
Estate planning ensures that both a person as well as family members are taken care of when that person is faced with death. If will execution is not completed, a person’s estate in New York may end up being distributed according to the state’s plans rather than according to his or her own desires. This can negatively impact the beneficiaries a person wishes to help in the event that he or she dies.
Source: Business Insider, 5 Common Estate Planning Mistakes To Avoid , Mandi Woodruff, Oct. 21, 2013
Death is often a topic that most married couples refuse to discuss simply because it can be a painful idea. However, not being prepared for one’s death can actually be even more painful for his or her family members, who will have to rely on the state to determine how that person’s assets will be distributed due to a lack of prior will execution in New York. One recent article highlights the benefits of estate planning, especially for a person who is entering a second or third marriage.
Experts say that people who are older and are remarrying later in life usually have important obligations from past marriages. These obligations could include children, for instance. Estate planning is helpful in that it can help to take care of these children as well as a new spouse if a person were to die.
When couples do not engage in proactive estate planning, this can cause serious problems for the family members who are left behind after a loved one dies. For instance, the person’s children could end up fighting with the widow regarding who owns which assets and who is entitled to how much of a certain asset. Couples should always ask “what if” questions dealing with their children or property and make sure that various scenarios are addressed in their wills.
Especially as individuals get older or remarry in New York, it is important that they spell out their wishes regarding which family members are entitled to certain items and how children will be cared for. Estate planning involves determining where houses, bank savings and other assets will end up after one’s death. It is within a person’s rights to pursue legal research to make sure that these assets go to the right beneficiaries in a timely fashion through will execution.
Source: The Missourian, How to Ensure Divorce Won’t Wipe You Out Financially , No author, Oct. 7
Many people prefer not to think about what would happen if they died. However, failure to prepare for such a situation through proper will execution could mean that a person’s loved ones — including a spouse and children — may not receive all of the assets entitled to them in New York. According to a recent article, a pet should be included in this group of loved ones and is often left out of a will.
If an emergency were to happen to someone, there is a high likelihood that this person has not made preparations for what will happen to a favorite pet. In many situations, when people die, their pets end up wandering the streets until they are found and taken in by others. Usually when these pets are microchipped, it is easy for a vet to discover who owned the pets and then find out that the owners have passed away.
Many families treat their pets as one of their own family members. However, even though parents often prepare plans to take care of their kids and their spouses in the event of their death, they neglect to do the same for their beloved pets. Estate planning allows people to explain exactly how they want their pets to be taken care of or can even establish a trust fund that will provide money for their care.
Estate planning helps people to ensure that their beneficiaries are taken care of if they were to pass away. Proper will execution in New York should also include how pets will be cared for to ensure that they are not neglected when their owner dies. It is within a person’s rights to seek his/her beneficiaries’ and pets’ best interests through conscientious estate planning.
Source: NBCDFW.com, Remember Pets When Estate Planning , Ben Russell, Sept. 30, 2013
Many people are wrapped up in their lives, striving to accumulate things such as houses, cars and land in New York. However, they often don’t think about what could happen to their belongings if they were to ever die. A recent article explains how a person can best prepare for their own death through will execution so that their loved ones will receive exactly what they deserve asset-wise.
A will is valuable in that it offers instructions on how a person would like their assets to be distributed upon their death. The directions given in the document can be customized to a person’s own situation. Also, the person can choose who exactly will be their beneficiaries and what they are entitled to get.
Then, an executor, or a personal representative, must be chosen to handle the asset distribution. A guardian can be appointed for minor children. It is essential that a person’s will is filed in probate court. This makes the distribution of assets a more efficient process when a person passes away.
Will execution allows a person to feel secure that all that they’ve worked for throughout their life — including their property, savings, insurance policies or even business interests — ends up in the right hands. Without a will, a court in New York will decide what will ultimately happen to one’s assets after death, which may not meet the desires of the individual that left them behind. A person has the right to seek their beneficiaries’ best interest through careful will execution that takes advantage of all applicable tax guidelines and laws.
Source: TheSpectrum.com, Five important estate planning documents , Dustin Schofield, Sept. 27, 2013