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