Creating an estate plan may understandably not be high on a person’s to-do list in New York. After all, people naturally prefer not to talk about the possibility of death. Nonetheless, putting together wills is absolutely critical for ensuring that one’s property remains protected down the road. Here is a glimpse at the problems that the lack of a will can cause.
Wills are significant estate planning documents since they basically determine how a person’s assets will be distributed after he or she dies. If somebody dies with no will in place, the probate court will end up making decisions concerning who will receive his or her assets. A judge will make this determination based on a number of factors. For instance, was the person married, or did he or she have children? Also, did the deceased party have any siblings, nieces or nephews?
If a person is lucky, his or her assets will pass to the intended hands even if he or she never put together a will. In most cases involving the lack of a will, though, the deceased person’s heirs will argue about who should receive how much of his or her estate. This can lead to hefty legal fees and hard feelings among family members, and these financial and emotional challenges can be hard to bounce back from.
Creating wills is a wise move for people of all asset and income levels. However, it is particularly invaluable for those who own small businesses. An attorney in New York can create well-thought-out estate plans that reflect their clients’ wishes regarding where their assets will go when they die.