Many people dread the idea of producing an estate plan. After all, thinking about the unavoidability of death generally is not a pleasant experience. However, creating wills or trusts is a wise move for individuals in New York.
The will is a basic and essential document to include in an estate plan, as wills allow asset owners to determine where their assets are distributed when they die. If people pass away without wills, their property will end up being distributed based solely on the state’s intestacy statute. This means that their wishes regarding asset distribution will not be considered.
Still, even with wills, people’s assets have to go through the probate process before being distributed. This is why many people choose to set up revocable trusts, or living trusts. Trusts behave like wills do but avoid probate. As a result, heirs do not have to deal with costly court proceedings, and the estate of the deceased person can remain private. Overall, it helps to reduce the amount of emotional stress that the surviving loved ones experience at a time when they are already grieving over the loss of their loved one.
Individuals who put off creating wills or establishing trusts will unfortunately leave their loved ones with an administrative and financial mess. In addition, their loved ones may not receive the assets they were intended to receive, or they might receive less due to expenses such as taxes and court costs. Through well-thought-out estate planning, an attorney in New York can help people to take the steps necessary to prevent these problems for their loved ones after they pass away.