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