Estate planning continues to be a greatly misunderstood process. Many individuals in New York and elsewhere decide to create financial plans but not estate plans for this very reason. Still, developing wills along with other estate planning documents is an important part of planning for the future, too. Here is a glimpse at some estate planning myths and why believing these myths is not a good idea.
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.
People who live in New York are resourceful, and they understand the benefit of trying to cut costs and save money by doing certain things themselves. However, estate planning should not be one of them. People can do pretty much anything online these days, including create wills and drafting papers that can have a significant impact on their future. While it may sound like a good idea, it is not usually a prudent path to take.
Older estate owners in New York who are single and do not have children might not have entertained the idea of creating estate plans over the years. Their focus may have been on moving up the ladder in their careers instead. The reality, though, is that drafting wills and a couple of other estate planning documents is particularly critical for those nearing retirement.
No two individuals are exactly the same with regard to their estate planning goals. Although wills can certainly be helpful estate planning tools for many people in New York, trusts also offer many benefits. Here is a look at why many estate owners are turning to revocable trusts, in particular, to safeguard their assets.
Although the value of living in the moment is often emphasized, the problem is that many people neglect to think big picture about their lives, including what will happen to their assets when they die. Specifically, what will happen to their intangible assets -- their digital properties? Here are a few tips for addressing these types of properties in addition to using wills to address tangible assets in New York.
Some people in New York may be embracing the start of 2019 with New Year's resolutions. These individuals may want to include creating wills and other estate planning documents as part of their resolutions this year. Here is a look at why this is critical in the Big Apple.
When it comes to planning for the future, estate planning is just as critical of a process as retirement planning is. However, although drafting wills is certainly an important part of the estate planning process, it involves so much more. Other essential documents make up a well-thought-out estate plan as well, and they ideally should be integrated to ascertain that they all work together in New York.
Putting together an estate plan may not be on many people's to-do lists this busy holiday season. The reality, though, is that creating wills and trusts is wise for estate owners who wish to keep their assets protected long term. For this reason, estate planning might be a smart way to kick start the New Year. Here is a glimpse at a couple of tips that may help estate owners to make the most of this process in New York.
A common mistake that people in New York make is thinking that they are too old or young to start planning their estates. Likewise, many people believe that they are either too poor or too rich to create wills and other estate planning documents. However, the reality is that estate planning is a wise move for everybody no matter what stage of life he or she may be in, or what his or her financial status might be.