Estate planning is often viewed as a morbid topic. For this reason, creating wills is not at the top of many families’ agendas in New York. However, it is necessary for taking care of loved ones in the future.
It is critical that a will be specific. In fact, a couple of weeks is a reasonable amount of time to devote to drafting a will in order to avoid leaving anything important out. The will needs to clearly indicate who will be getting certain items when the owner of these items is gone. It is also beneficial to pick out alternative beneficiaries as part of a backup plan in case the main beneficiaries end up passing away before they can inherit what was intended for them to receive.
One of the biggest mistakes made in the estate planning process is simply waiting. When estate planning comes to mind, it is not uncommon to imagine an elderly couple or person engaging in it. In reality, adults at any age can benefit from creating comprehensive estate plans. After all, tragic accidents can occur randomly no matter what one’s age may be.
Through estate planning, it is possible to dictate ahead of time how particular assets are to be distributed after one passes away in New York. It is also possible to determine who will serve as the guardian of any minor children who are left behind. An attorney can help with the process of creating wills so that all parties’ wishes are addressed and upheld down the road.
Source: thereflector.com, “Experts say don’t put off estate planning“, Cale Johnson, March 14, 2017