When two people get married, some estate planning actions should be taken as soon as possible. For instance, it may be worthwhile to put sizable assets into a trust and to ensure that the assets in the trust are properly titled. If the assets are not properly titled, they may have to go through the probate process.
New York residents who have prepared a will may know that a divorce, a remarriage or the death of a spouse will likely necessitate an evaluation of that document. In some circumstances, a will cannot be simply changed but must be completely revoked in order to be considered valid by a probate court.
One of the most important documents New York residents can include in their estate plans is a living will. Not to be confused with a last will and testament, a living will is a short document that gives directions to medical providers to follow in cases where patients are unable to make decisions for themselves. A living will can be as general or as specific as the writer wants it to be. Experts advise those who are interested in writing a very specific living will to consult with their doctor about their treatment options.
People typically are focused in their efforts to obtain more money or more possessions in order to have a good quality of life in New York. However, they often neglect to think beyond their own lives and pay little attention to what will happen to these valuable assets once they die. This is particularly true for young people, who naturally feel invincible and don't think they'll have to worry about death for several decades. However, death can strike at any time, and having a well-thought-out estate plan can ensure that a person's assets end up in the right hands when death comes.
People naturally don't like to think about death. They often prefer to enjoy their lives and to simply live in the moment. However, if a person becomes incapacitated or ends up dying and hasn't made the proper legal preparations, this can cause grief for family members who are already mourning the loss of a loved one. Several steps can help a person to engage in estate planning in New York so as to protect their assets and to protect their family members in the aftermath of his or her death.
Oftentimes, parents desire to give the world to their kids. Since they can't literally give this to their children, they often opt to contribute positively to their lives in as many ways as possible, whether by saving for their college or teaching them how to build a savings account. However, one of the most valuable things that parents can do in New York is to create a will for their kids as well as for other family members. A recent article provides some tips on how to begin the process of will execution confidently.