In estate planning, the goal of the owner of assets is to ensure that all assets end up in the intended hands. These could be the hands of loved ones or a charity, for example. And the assets may include everything from money to real estate in New York. Wills are an important component of estate plans, although an estate planning checklist includes many other important items.
When dealing with wills, ensuring that wills are in place and that the trustees and executors of these wills are the best choices is important. Executing a health care proxy or a living will can also be beneficial in the event of a disability or catastrophic illness. A living trust may also be viable estate planning tool for avoiding the lengthy and costly process of probate. If a living trust is used, all assets need to be titled in the trust’s name.
When it comes to protecting the family, the will needs to highlight who should be named the guardian for any minor children if both parents were to die. Ensuring that enough life insurance is available for covering estate settlement expenses, capital needs, survivor income and loan repayment is especially critical as well. Trusts can also be created for giving gifts to family, too.
Preparing for disability and death, both of which can come unexpectedly, helps to ensure a peace of mind. It can also help to avoid infighting and confusion among family members after one’s death. An attorney in the state of New York can help with drafting wills and other essential estate planning documents in a manner that reflects the wishes of those creating the documents.
Source: carycitizen.com, “Money Matters: Is Your Estate Planning Up To Date”, Briant Sikorski, April 28, 2017