Putting together an estate plan might not seem like an essential task for young adults in New York. The reality, though, is that creating wills is critical for individuals both young and old. After all, tomorrow is not promised to anyone. Individuals who pass away before putting together estate plans may cause problems for their surviving family members.
The process of grieving over the loss of a loved is an emotional time. However, it can be compounded when the loved one didn't take the time to plan his or her estate. This is especially true when a large number of assets need to be distributed.
When people die, their estates typically must go through a legal process called probate. If they created wills before they passed away, these documents will dictate who will end up receiving their assets. Meanwhile, if they did not put together wills, the state's laws of intestacy will determine who gets their assets. In the latter scenario, the assets may unfortunately end up in the hands of those who were never intended to receive them.
Putting together a will is often viewed as an uncomfortable task. It is usually for this reason that people of all ages, even older individuals, put off creating wills. However, developing estate plans is critical for making sure that their assets go to the right family members or designated charities after they pass away. Fortunately, an attorney can help those who own assets to effectively create wills and other estate planning documents in New York.