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.
A will designates which parties should get a person’s assets following his or her death. If a desired beneficiary lacks the maturity to handle such an inheritance, however, the testator may decide to put this person’s share into the hands of a trustee. This trustee would manage the inheritance, including using it for the benefit of the beneficiary, until the beneficiary has reached a designated age.
With a will, young parents can also name a guardian for the minor children they have. Furthermore, wills typically designate personal representatives, or executors. These are essentially personal representatives who are responsible for settling the estates of the will creators. It is critical that only people who are up to the task are given this role, as the task includes cleaning out a deceased person’s home and possibly selling the home, as well as liquidating assets and paying final expenses and debts, including taxes. Finally, what remains of the estate needs to be distributed to the proper parties.
All in all, wills enable people to make sure that their property ends up in the intended hands when they pass away. An asset owner could choose to give his or her assets to a single person or to a charity. Alternatively, an estate can be divided among multiple beneficiaries. An attorney in New York can provide asset owners with the guidance they need to engage in well-thought-out estate planning that will meet their needs, as well as their loved ones’ needs, long term.