Individuals in New York oftentimes understand how important it is to plan ahead financially for a rainy day. However, what happens if they were to pass away suddenly? Many people have no idea how to answer this question, as they have not engaged in estate planning. Here is a look at why creating wills and trusts, for example, is so important and how to prevent family discord through a well-thought-out estate plan.
Estate plans essentially spell out how people would like their assets to be distributed when they pass away. These plans are critical whether asset owners have large estates or relatively small ones. An important step in the estate planning process is to name a proper executor. Although people often name their oldest children or their only male children, it is more critical to name parties who are ethical, organized and responsible.
Furthermore, listing all of one’s property in a last will and testament is a wise move. After all, even seemingly insignificant items may cause family fights or rekindle rivalries that took place long ago. These items may include, for example, costume jewelry, holiday décor and even childhood stuffed animals.
The estate planning process can understandably seem complicated and overwhelming from both a legal and an emotional point of view. However, not putting together documents such as wills and trusts may mean that asset owners will end up in unintended hands when they pass away. An attorney in New York can help those who own assets to draft comprehensive estate plans that reflect their wishes and the best interests of their loved ones long term.