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