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.
It is likely that the majority of people who hear about the importance of setting up trusts or drafting wills believe that the main goal is to avoid estate taxes. However, there are many compelling reasons to choose to set up estate planning documents. New York residents may not be aware of the variety of purposes that these planning tools can fulfill.
The divorce process is often emotionally overwhelming. It is during this time that people must address multiple issues at once as their lives undergo major changes. New York residents who are in the process of divorcing may wish to review estate plans in order to ensure that one's final wishes reflect those life changes.
According to financial advisors, the vast majority of one's final wishes do not come to fruition. The two main reasons why estate planning fails are lack of preparation on the part of heirs and failing to follow through on plan details or updates. New York residents who are seeking to embark on preparing these documents may benefit from more information to ensure successful execution of their wishes.
It is a fact that everyone will have to face their own mortality. That being said, it is estimated that only 40 percent of older residents have plans in place to protect their wealth or health. Many people feel intimated by the idea of estate planning as it seems overwhelming. New York residents do have access to many tools and professionals who can help them draft these important documents.
It is estimated that less than half of all adults have documents in place that state how their heirs will be provided for after their demise. For those with minor children, only around 35 percent have undertaken estate planning. Unfortunately, without these vital documents in place, the state will determine how New York residents' assets and property will be disbursed after they have died.