Some people don’t find it appealing to put together a will, simply because they prefer not to think about death. Others say that they lack the time to do so. Meanwhile, others may feel that a lack of understanding of the process in New York is the issue. However, a few steps can help a person to embark on the road to proper estate planning, which will guarantee that his or her heirs will be left the proper assets in the event that he or she dies.
If a person decides not to put together an estate plan, the state of New York will automatically determine who will manage the person’s affairs and inherit his or her assets. In addition, the state will have to pick a person to rear any minor children who are left behind. Drafting a will allows the person to make choices on these matters on his or her own.
A will can be helpful for spelling out who will assume guardianship of children as well as who will acquire one’s property when one dies, particularly if no trust exists. The will can also name the individual who will ultimately be in charge of how one’s assets are overseen and distributed. It is important to have two individuals serve as witnesses for the will, as long as they are not beneficiaries of the will, and to sign and date this legal document.
Will execution may not necessarily be exciting for many, especially for younger people who may still feel invincible, but it’s important to remember that death is inevitable and can often occur unexpectedly. Having a will in place can give a person peace of mind, knowing that his or her assets are safeguarded long-term and that his or her family members will receive what they are entitled to upon the person’s death. Each person has the right to seek his or her family’s best interests through estate planning in New York.
Source: myfoxdetroit.com, Money Monday: The basics of estate planning, No author, Dec. 16, 2013
Imagine buying an expensive gift for a favorite loved one, only to discover that a distant cousin has intercepted the gift instead. This is the type of scenario that could happen if a person in New York fails to participate in estate planning, where that person spells out who the beneficiaries of his or her valuable assets will be after death. Following a few valuable tips can help a person to ensure that his or her belongings end up in the right hands at that time.
After including in a will all of the people whom one wishes to get certain assets, listing them as beneficiaries on the appropriate accounts is also wise. Otherwise, children may try to get themselves designated as beneficiaries on these accounts and then acquire the assets that their parents had actually intended for their siblings, thus ultimately ignoring their parents’ wishes. Accounts that can be left to heirs include retirement accounts or bank accounts, for instance.
Updating these beneficiary designations is essential after a person has gotten divorced or newly married. Rolling an old retirement plan into a new one at a new company further requires a person to make sure that his or her beneficiaries on the new account are appropriately chosen. Experts recommend reviewing these designations each year to make sure that they are current.
Estate planning plays an important role in helping a person to dictate what will happen to his or her property after that person dies. Without a will, a person’s property will instead have to go through the time-consuming, costly and cumbersome process of probate . An individual’s wishes regarding the proper distribution of assets can easily be upheld from a legal standpoint if they are clearly written in well-thought-out estate planning documents in New York.
Source: Forbes, The Big Estate-Planning Goof You May Be Making , No author, Dec. 16, 2013
As someone looks around his or her home, it’s evident that a lot of “stuff” has accumulated over the years. Many of these things may have significant value to the person and his or her family, and without careful will execution , these items may end up in the wrong hands after the person passes away in New York. Developing a comprehensive will is an important part of passing down valuables to heirs and protecting one’s assets.
Many surviving family members typically fight about specific items rather than squabbling over the family house. For instance, they may argue about who gets mom’s dishes or dad’s pistols. The deceased person, in reality, may have wanted to give specific gifts to certain beneficiaries .
Developing a trust or will is essential during estate planning, but so is creating a separate personal property memorandum. This can spell out which family member gets exactly what item in the event of one’s death. They have the liberty of changing this information over time, as needed, without having to re-draft and re-execute their entire will.
Belongings in one’s home may have monetary value and/or sentimental value and thus are typically cherished among family members in New York. Not pinpointing in writing who will get these items can cause a rift in the family, and this can have negative long-term repercussions. Engaging in will execution and developing a personal property memorandum helps a person to rest assured that all of one’s goods are accessible to the correct heirs when he or she passes.
Source: Missoulian, STEVE DARTY: Estate planning???s 7 deadly sins , Steve Darty, Dec. 5, 2013
The thought of dying may spark fear in an individual for a couple of reasons. First, he or she may naturally wonder what will happen to him or her when death arrives, but also he or she might question where his or her belongings will end up. Will execution in New York is a helpful way to safeguard one’s belongings in the event of his or her death, which can also alleviate the stress of surviving family members who must deal with the assets that are left behind.
Failing to create a will may mean that a court will have to decide how to disburse one’s assets through the process of probate . In addition, his or her belongings may be taxed in ways that could have been avoided. If property is left behind and surviving family members can’t agree on how to divide them, this can cause unanticipated dissension in the family as well.
The more assets one has accumulated over the course of a lifetime, the more critical it may be to include them in a will. A living will especially be helpful for appointing a person to make healthcare decisions for someone who later becomes incapacitated. Knowing what a person wants to accomplish regarding these and other decisions will help to guide the estate planning process.
When engaged in estate planning, a person can feel confident that he is putting his or her family members in the best position to receive the assets set aside for them when he or she passes away. A court’s determination of how to distribute these assets may not fit the wishes of the deceased, so relying on the probate process for an intestate estate is risky. Well-planned will execution in New York certainly can ensure a person that his or her property, including investments or homes, will end up in the right hands when he or she is gone.
Source: Nevada Business Magazine, A Primer on Estate Planning: Be Prepared , Norman Bell, Dec. 2, 2013