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estate planning Archives

Considerations in choosing an executor

If you, like many people across New York, are working on your estate plan, one of the many important decisions you may have to make involves who to name as your executor. The executor role involves a high level of trust and responsibility, so it is not a decision you should make without first devoting careful consideration to it. At the law offices of Joseph A. Ledwidge, P.C., we recognize the critical nature of naming the right person as executor, and we have helped many clients navigate this and related estate planning matters.

Reasons to keep checking your beneficiary designations

Will the money in your retirement account actually go to your children as you intend? Unfortunately, not all New York residents can be sure. While you may list your children as your heirs in your will, you may have actually named someone else as the beneficiary on your retirement account or pension. As an article on the CNBC website points out, some people do not always update their designated beneficiaries, causing many would-be heirs to wage court battles to retrieve assets from a dead relative only to receive nothing for their pains.   

If I pass away, who would be the ideal guardians for my children?

Part of wise estate planning includes considering the uncomfortable but necessary scenario of who should raise your children if you and your spouse suddenly and unexpectedly pass away. Choosing the proper New York guardians can be agonizing, but it is necessary to ensure your children enjoy a fruitful and proper upbringing. You can make the process simpler by narrowing down the decision making process into a few key areas.

What should I immediately do when my loved one passes?

The news that a loved one has just passed can be heartbreaking news, even if the passing was expected. While it is important to take some time to grieve, as a survivor and close family member, you also have a duty to make sure the estate is preserved so everything that the deceased had owned can be handled according to the New York decedent’s will. Agingcare.com points out that the first immediate step you should take is to secure all the tangible property that the deceased owned.

Important estate planning steps for new parents

If you count yourself among the many people across New York who have recently become first-time parents, congratulations. Your may feel consumed with learning the ropes of your new lifestyle, and you may, too, suffer from sleep deprivation as you navigate the waters of parenthood. As a new parent, you face unique considerations with regard to estate planning, and many people choose to create or revisit their estate plans after giving birth to a child. At the law offices of Joseph A. Ledwidge, P.C., we understand the estate planning needs of new parents, and we have helped many clients facing similar circumstances make plans for the future.

What are reasons to assign a power of attorney?

New York residents should face the fact that they may not always have the ability to decide what will happen to their personal finances. One way for you to ensure that you will retain control over your assets, including how they are managed, is to assign someone to act as your agent, to grant them power of attorney. Your agent will manage your finances in the event you cannot do so.

How do I create the best trust for my children?

While it is not the most pleasant subject for adults in New York to think about, preparing for your death is important to securing the future of your children. You do not want to wait until it is too late to plan for how your children will inherit your assets. That is why now is a good time to consider how to make the best trust for your children while avoiding possible pitfalls.

Who are the people involved in a trust?

New York probate court could serve several crucial functions for you, such as settling disputes between inheritors or discerning the intention of will authors. However, you may find it in your best interest to avoid probate altogether: This is often the preference of individuals with high net worth who expect to leave a large estate behind. Avoiding probate in these cases might hasten the disbursement of property from your estate to your beneficiaries. It may also help you circumvent court fees, professional service costs and even reduce tax.

Can you include personal mementos in your estate plan?

As you begin to work on your estate plan in New York, you may have many questions. This includes learning about what can be included in your plan and how to legally express who gets what when you die. One thing you may wonder about specifically is if you can include items that have no monetary value or little monetary value but that are sentimental in your plan.

Why are estate plans so important?

It is the start of a new year. For many people in Jamaica, it means the opportunity to start over and do things differently. For you, it is a prime time to stop procrastinating on estate planning. According to Forbes, a little more than half of all individuals who are between the ages of 55 and 64 do not have estate plans. With each passing year, you grow older. Though you have many good years left in your life, a solid estate plan ensures you will be well cared for.