When it comes to estate planning, people in New York and elsewhere are oftentimes willing to place it on the back burner. However, creating wills is critical for protecting assets long term. Of course, wills are not the only documents that are important to create and include as parts of estate plans.
Wills dictate how assets will be divided once the owners of those assets pass away. Rather than allowing courts to determine who will get which assets, the asset owners can specify these details in wills. However, trusts are also invaluable estate planning tools because they can limit people's estate taxes.
Another important document to include in an estate plan is a letter of intent. This letter tells a will executor or beneficiary about one's wishes. It is akin to a will but is not legally binding. However, it is essential because it can spell out how assets should be distributed and even funeral details. In addition, health care powers of attorney are important because they explain who will make final medical decisions for people who cannot make such decisions for themselves.
Estate planning can certainly seem overwhelming and complicated due to the many laws that must be taken into consideration during this process. However, an attorney can provide asset owners with the guidance they need to complete the process effectively and efficiently. With an attorney's help in New York, asset owners can avoid overlooking details in their wills or making other major estate planning mistakes that may negatively impact their estates long term.