Discussing matters related to death is generally not a favorite activity. Nevertheless, death is unavoidable, and failure to create wills and other estate planning documents beforehand may mean that one’s assets will not end up in the intended hands. The estate planning process in New York involves several important steps.
First, create specific goals. These may be different from family to family, depending on factors such as the values of the individual developing the estate plan, along with the number of children involved. The circumstances of every family member, as well as the family’s overall objectives, need to be taken into consideration. These goals might change, depending upon the type and amount of property, income, age and marital status.
In addition to creating a plan based on the family’s goals, reviewing and modifying the plan on a regular basis — for instance, every five years (or sooner) — can be beneficial. The plans ideally should be adapted as life circumstances change. For instance, family situations and tax implications might change, thus sparking the need for adjusted estate plans.
The process of creating wills and other estate planning documents is complex and technical. Most individuals lack the time necessary to learn everything they must know about planning their estates thoroughly. A New York probate and estate administration attorney in the Bronxville area can walk them through the estate planning process and help to ensure that their plans are consistent with applicable federal and state laws. The lawyer can also assist in identifying individual and family goals and then planning an estate to meet those aspirations.
Source: hpj.com, “Estate planning is for everyone“, Larry Dreiling, Jan. 30, 2017