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.
Many people dread the idea of contemplating what happens after they have passed. However, even if one has settled on his or her final wishes and has a plan in place, this is not a one-and-done task because plans often need updating whenever there are changes to tax laws or one experiences major life changes. New York residents who need assistance with estate planning may wish to consult with professionals.
When one works hard to establish a family business, it is often hoped that one's heirs will take over the company and grow it into the future. This is the reason many business owners work hard to ensure that their family will benefit from their efforts to make the entity successful. Without proper estate planning, however, New York residents might not be able to preserve their family's legacy.
When parents work hard to acquire their dream home, they may worry how to ensure their hard work will benefit their intended heirs. While there may always be a risk of one's final wishes being contested, there are some measures that may help prevent certain estate litigation efforts. There are many tools available to New York residents that may ensure peace of mind.
No one relishes the idea of contemplating one's own demise. Unfortunately, there is no avoiding this eventuality, and heirs may have one less worry with careful planning that can reduce the risk of estate litigation. New York has laws that apply to estate planning that can aid one in creating plans that will best fit each unique family's needs.
For years, the main reason many New York residents would undertake estate planning was to safeguard their assets from taxes. In the past few years, there may be another pressing need to ensure that one is not vulnerable to estate litigation, and that is the issue of addiction. There are some steps that one may be able to take in order to plan for how this sensitive problem may be addressed.
The death of a loved one or close friend can be not only an emotionally difficult time but can also result in other challenges if one has been selected as the executor of an estate. Though New York has its own laws and procedures for preparing an estate for the probate process, there may still be some difficulty concerning certain estate matters. According to some who work in a probate office, some banking institutions are hindering the opening of estate accounts.
There are many responsibilities that are required of an executor of an estate. If there are any short cuts or mistakes made in the process, then one could possibly provide an opportunity for an individual or a creditor to pursue estate litigation attempts. New York residents who are seeking to finalize their estate plans may benefit from carefully reviewing the abilities of the individual or company that he or she is considering asking to handle their final affairs.
The decision to safeguard one's estate by the use of carefully established trust accounts may be the first step when one enters into the estate planning process. However, selecting who will be in charge of managing these accounts may make all the difference if one hopes to avoid some trust litigation issues. New York residents who are contemplating setting up these accounts may wish to seek more information regarding the role that a trustee plays.