People in New York often believe that estate planning is appropriate only for those who are wealthy. The truth is, though, that creating wills is a wise move even for those who may not have a lot of money in the bank. Here is a glimpse at how to start the estate planning process in New York.
First, it is important to recognize that people who feel that they lack estates likely actually do have them. Estates are more than large amounts of money and a house on a hill. Instead, an estate also includes a bank account, a car, a meaningful memento, digital accounts and physical possessions. Failure to create a will that spells out where these items should go when one dies means that these assets might end up in the hands of those who were never intended to receive them.
For this reason, it is important for estate owners to take a good look at who they would like to name as beneficiaries as well as who they want to handle specific duties when they pass away. A person who might have been a good beneficiary 10 years ago may not be the best one now. Likewise, an individual who would have been helpful when it came to carrying out estate planning duties may have already died. In addition, someone who agreed long ago to serve as a guardian if needed may now not be in a position to do so for financial or health reasons, for example.
Estate planning can understandably seem overwhelming, even for those who may not necessarily have significant assets. However, an attorney can walk asset owners through the process of creating wills. The attorney’s ultimate goal is to make sure that the client’s wishes and his or her loved ones’ best interests are reflected in a well-thought-out estate plan in New York.