Life is unpredictable. In spite of taking precautions and avoiding risky behaviors, anything can happen, and loved ones may be left to pick up the pieces. New York residents who have an estate plan can help ease some of the burdens on their loved ones.
When one takes the time to establish estate plans, it is likely not anticipated that there will be any challenges -- especially before his or her demise. Unfortunately, there may be attempts on the part of disgruntled heirs to initiate estate litigation. New York residents who are concerned about such challenges may take steps to ensure their wishes are upheld.
Many people may think that estate plans typically consist of setting up trusts and drafting wills. However, there are many aspects of estate planning that should be carefully considered. New York residents who are contemplating tackling this vital task may be uncertain which documents they will need in order to provide a comprehensive estate plan.
When it comes to estate planning, there are two categories that many people will fall into: those who haven't made any plans at all, and those who have done so but fail to update them. New York residents who have set up a will or have other plans in place may believe that they have no further concerns. However, failing to regularly revisit one's estate plans can be a costly error.
Over the past few years, the unexpected deaths of several celebrities have been a lesson in the fragility of life. These deaths also work to illustrate why some of the more uncomfortable tasks in life -- such as estate planning -- need to be addressed sooner rather than later. New York residents may have several reasons they have postponed this task, but the peace of mind that comes with estate planning is worth the effort involved.
When a beloved musical artist passes away, fans often take comfort in the fact that the music they produced will live on. However, in some cases, it seems the estate litigation may also live on, such as the case in the battle over James Brown's estate. Fans in New York -- and elsewhere -- may be surprised to learn that, more than 12 years after the singer's death, the rights to his music and estate remain unresolved.
Life is full of tasks and conversations that one would rather avoid. Of all of these, the discussion over estate plans may be one of the most difficult but necessary conversations one will ever have in life. Though many New York residents would rather put the task off as long as possible, the sooner one sets up these vital plans and chooses a qualified executor, the sooner one can enjoy peace of mind.
The prospect of making final plans for one's assets and heirs may seem like a daunting task to many New York residents. However, with the guidance of experienced professionals, this chore does not have to be a taxing experience. In fact, with careful wording and deliberate distribution of certain assets, estate planning can ensure that the majority of one's wishes come to fruition.
The beloved "Queen of Soul," Aretha Franklin, recently passed away from cancer at the age of 76. In the aftermath of her death, while fans mourn her loss, family members may struggle to divide her assets since she reportedly did not have any estate plans in place. Every state, including New York, has laws that dictate how these estates are divided in these circumstances -- but these laws cannot prevent litigation issues.
The saying that the only things one can count on for certain are death and taxes remains true no matter where one resides. That being said, many New York residents may believe that drafting their final wishes is the most difficult part of estate planning. Unfortunately, if the plans are not handled the way one intended, then even the most thorough estate plans can be derailed.