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Quality estate plan includes creating wills, other documents

Creating an estate plan may be high on many individuals' New Year's resolution lists this month. However, the process of creating wills and other estate planning documents may seem confusing, thus preventing many from starting. A few tips might help with navigating the estate planning process in New York.

Creating wills requires a few important steps

Estate planning in New York is often placed on the back burner when it comes to tackling daily responsibilities. However, creating wills and other estate plan documents is critical for protecting one's assets long term. A few tips may help with navigating the estate planning process effectively.

Wills, trusts needed for the not-so-rich and not-so-famous, too

A common misconception is that estate planning in New York is only for those who are famous and rich. The truth is that all individuals who have assets may benefit from creating wills that explain how these possessions are to be distributed when they pass away. Such assets can include a house, a savings account or a 401(k) account.

Wills important even for small estates

Many individuals in New York feel that a will is not necessary in their individual situations since they do not have estates. However, anyone who owns something that he or she values and would like to pass on to someone else when he or she dies is technically an estate owner. In addition, wills are not for the people who create them. Rather, they are really for those whom they leave behind, as the left-behind individuals are the ones who will have to settle the will creators' estates.

Steps may help to prevent wills from being challenged

Oftentimes, creating an estate plan is not high on the priority list for asset owners in New York, whose other life responsibilities typically take center stage. However, creating wills is essential for protecting one's assets in the long run. A common concern, though, is having an estate plan challenged by a family member.

Wills one of several important documents in estate plan

Thinking about the possibility of death is not exactly a joyous process for many individuals. This is partly why many have failed to create wills and other estate planning documents. However, creating an estate plan is paramount for anyone who has assets, no matter how few or many. A few tips may help with navigating the estate planning process in New York.

Death is inevitable, so wills are important

The thought of dying is not generally a comforting thought, which is why estate planning is often placed on the back burner of people's busy agendas in New York. However, the truth is that death is inevitable. Thus, it simply makes sense to put together wills and other components of well-thought-out estate plans.

Wills important not just for the wealthy

A common myth related to estate planning in New York and elsewhere is that it applies only to asset owners who are wealthy. However, the truth is that creating wills can be beneficial for asset owners of all levels of wealth. Unfortunately, the majority of Americans do not have wills.

Wills important for naming guardians for minors

Parents with young children in New York are often caught up in their day-to-day routines and thus fail to take time to engage in estate planning. However, without wills, they cannot guarantee that their wishes for their minor children will be upheld in the event that the parents end up dying unexpectedly. With an estate plan, a parent can easily appoint a guardian for the surviving children.