While many people may have definite opinions as to whether a will would be suitable for them, there are situations and reasons why one may indeed be a useful document. There are many different types of trust and estate planning tools and there is no one document that will fit every need. New York families have many options when it comes to ensuring that their estates and other worldly possessions are disposed of as they desire and are insulated from trust and estate litigation matters.
Some may think that a will is a document that only older people may consider. In reality, if a couple have minor children, then a will may ensure that those minors are cared for properly in the event that both parents were to die unexpectedly. While this is a rare event, it may provide peace of mind to have the matter handled preemptively.
Another reason many may believe that a will is not applicable to them is they do not own considerable assets or property. However, even a few items of sentimental value can be included in such a document. In certain situations, heirloom items that may not carry much monetary value can still be considered invaluable to the heir who receives them after the testator dies.
Not every planning tool can fit every purpose and a family may wish to incorporate a variety of documents in order to provide their heirs with their rightful inheritances– be they large or small. New York families may elect to seek the advice of an attorney who is experienced in all aspects of estate planning. Such a consultation may ensure that one is able to protect one’s valuables from formal trust and estate litigation matters.
Source: paulsvalleydailydemocrat.com, “More on estate planning myths“, Mar. 1, 2017