Thinking about death turns many individuals off from engaging in estate planning. However, creating wills and other estate planning documents is critical for ensuring that one's assets are protected long term. Here is a glimpse at what the process of creating a will involves in New York.
Individuals in New York usually view investing in residences as the same as investing in business properties. In reality, these two types of investing are very different. Here is a glimpse at what makes residential real estate and commercial real estate investing so different in New York and elsewhere.
Buying or selling property in New York is a complex process. Real estate is expensive, and once you find the right buyer or the right property, you understand the importance of making sure you do not have any complications to delay closing. When there are issues with the process, it can lead to additional financial losses and keep you from completing the final steps.
People in New York generally do not feel comfortable talking about death. For this reason, many people -- both old and young -- still have not created wills. However, producing wills and other estate planning documents is critical for ensuring that one's assets will end up with those whom the benefactor intends.
Purchasing a home in New York can certainly be intimidating from a financial standpoint. However, many homeowners have found a way to ease the burden of paying off a hefty mortgage: buy two homes instead of one. This may sound counterintuitive, but it is possible for those who take advantage of add-on residential real estate residences, also known as ADUs.