When people hear about an estate, they often imagine a collection of significant wealth. For this reason, many individuals in New York fail to create estate plans. The truth is, individuals who have families and any assets can benefit from creating wills and other estate planning documents, no matter what their asset levels may be. Here are a couple of questions that can be answered through a well-considered estate plan.
The first question is, what will end up happening to an individual’s children when he or she passes away? In an estate plan, parents can name guardians to care for their children should they both die before their children reach the age of 21. It may also be beneficial to name conservators — known as estate guardians — who can manage the assets that the children inherit.
Another important question related to estate planning is, will an argument over a person’s assets ensue when that person passes away? If no estate plan has been created, the assets will end up being subject to probate according to the laws of intestacy, a process that can be very public, time-consuming and expensive. Probate is also necessary if the estate owner died leaving a last will and testament. During the probate process, creditors and relatives may access the deceased person’s records and even challenge the will. However, appropriate planning can help an asset owner to maintain his or her privacy.
The careful creation of wills and other estate planning documents can help people in New York to answer critical questions regarding what will happen to their children and their assets when they pass away. As this process is often complex, it’s wise to seek the help of an attorney. With the attorney’s help, parents and asset owners can feel more confident that their wishes will be upheld after they pass away.