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Posts tagged "estate planning"

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.

Probate disputes and the holidays

Probate disputes can take shape for all sorts of reasons. In some instances, a dispute may arise because of misunderstandings about a loved one's estate plan. Beneficiaries may believe that the executor did not carry out fiduciary duties properly or an executor might believe they have been wrongfully accused of breaching their duties. Regardless, these disputes can be quite difficult for families to manage and this is often especially true during the holidays. If you plan on attending a holiday celebration in the near future, or are worried about the impact this dispute may have on your family, it is smart to do what you can to minimize tensions.

Why you need long-term care instructions in your estate plans

You may think that the sole purpose of estate plans is for you to instruct your loved ones in New York about how you want your estate to be divided upon your passing. But did you know you can also use them to outline your long-term care plans? The longer you live, the greater the possibility that you will require long-term care. It is estimated that at least “78 percent of seniors who are 65 years old and above will need long-term care services at some point in their lives,” states Life Happens. 

Concerns when estate planning for blended families

Many residents in New York who are planning to get married may well have been married before. According to the Pew Research Center, in 2013 both spouses in one out of every five marrying couples were getting married for the second or subsequent time. In four out of every 10 marrying couples, one spouse had previously been married. These realities bring new concerns to the forefront when looking at making a good estate plan.

Unexpected problems and your estate plan

 Smart estate planning involves a number of strategies and it is essential for you to carefully go over the ins and outs of your plan. Unfortunately, there are a variety of problems that can arise, such as a motor vehicle accident, which may necessitate making certain changes to your estate plan. After a crash, you may be struggling with physical pain, injuries, and other hardships. However, an accident can also upend your financial circumstances and may require that you modify your estate plan.

Talking to your kids about inheritance

Estate planning can be highly emotional and may also generate uncertainty. For example, you could be unsure of which type of estate plan to go with or you could be worried about how your children will react to the way in which you decide to distribute your assets among beneficiaries. If you are struggling with these types of challenges, it may be helpful to sit down and carefully assess the situation. Moreover, you might find that talking to your children about the situation is beneficial and provides a clearer understanding. However, they may not agree with your decisions, but it is important to remain firm and do what you believe is best.