Main Menu
718-414-6175
Focused on Residential and Commercial Real Estate

Focused on Residential and Commercial Real Estate

Practice Areas Email Us See Video

wills Archives

Wills, other documents important parts of estate plan

Upon hearing the term estate planning, many residents of New York may automatically think about putting together a will. However, wills generally do not have much to do with those creating them; they are really about planning for other people, such as fellow loved ones. Estate planning is really also about taking care of the person creating the plan, while he or she is still alive.

Creating wills especially important following divorce

Creating an estate plan is often low on the priority list for many today. However, creating wills and other estate planning documents is essential, especially for those who are divorced. A few tips may help with putting together effective comprehensive estate plans in New York.

Wills important for non-married couples, too

Many Americans, including those in New York, are deciding to cohabitate rather than getting married. Reasons for cohabitation include the need to share expenses or the lack of desire to get married -- or remarried. However, just as married couples benefit from putting together estate plans, cohabitating couples can also benefit from developing wills.

Wills are important for everyone to have

For many asset owners in New York and elsewhere, estate planning seems to be something that only the wealthy need to complete. It is true that most individuals do not leave multi-million-dollar sums of money to their loved ones when they pass away. Still, creating wills is essential for everyone.

Wills and beneficiary designations important in estate planning

The estate tax exemption at the federal level today is more than five million dollars. Thus, the tendency in New York and other estates is to think that estate planning is not a concern for those who are not wealthy. The truth is that creating wills and updating beneficiary designations is important for everyone no matter what his or her net worth or income may be.

Wills important to more than just the extremely wealthy

In the minds of many in New York, estate planning is necessary only for those who are extremely wealthy. However, creating wills is invaluable for anyone with an asset or loved ones. For instance, estate plans are relevant to those who own homes, have grandchildren or children, have elderly parents and have bank accounts.

Wills important for young adults, too

Those in New York who are young, whether they ae single or married, often do not give much thought to estate planning. After all, they naturally feel as though they will live long lives, so creating wills is not an immediate concern. However, estate planning is an important concern for any adult.

Digital assets can be included in wills

When someone in New York passes away with no will, the state will determine how the person's assets will be distributed. However, the majority of courts have not created rules regarding the distribution of digital assets, including social network accounts and/or email accounts. For this reason, addressing these types of assets in wills is an important part of the estate planning process.

Wills important for passing down family businesses, properties

Passing down an important asset, such as a property or business, can be an emotional and complicated journey. For this reason, many families try to steer clear of discussions about wills. However, estate planning is still an important topic to address as part of future financial planning in New York.

Wills, trusts important for young adults, too

When it comes to estate planning, the inclination of many younger couples is to think that it is pertinent only for older parties. However, young families who have children as well as mortgage payments are most likely prepared the least for the unanticipated death of a breadwinner or parent. Creating wills or trusts is therefore critical for adults of all ages in New York.