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Wills and beneficiary designations important in estate planning

The estate tax exemption at the federal level today is more than five million dollars. Thus, the tendency in New York and other estates is to think that estate planning is not a concern for those who are not wealthy. The truth is that creating wills and updating beneficiary designations is important for everyone no matter what his or her net worth or income may be.

Wills important to more than just the extremely wealthy

In the minds of many in New York, estate planning is necessary only for those who are extremely wealthy. However, creating wills is invaluable for anyone with an asset or loved ones. For instance, estate plans are relevant to those who own homes, have grandchildren or children, have elderly parents and have bank accounts.

Wills important for young adults, too

Those in New York who are young, whether they ae single or married, often do not give much thought to estate planning. After all, they naturally feel as though they will live long lives, so creating wills is not an immediate concern. However, estate planning is an important concern for any adult.

Digital assets can be included in wills

When someone in New York passes away with no will, the state will determine how the person's assets will be distributed. However, the majority of courts have not created rules regarding the distribution of digital assets, including social network accounts and/or email accounts. For this reason, addressing these types of assets in wills is an important part of the estate planning process.

Wills important for passing down family businesses, properties

Passing down an important asset, such as a property or business, can be an emotional and complicated journey. For this reason, many families try to steer clear of discussions about wills. However, estate planning is still an important topic to address as part of future financial planning in New York.

Wills, trusts important for young adults, too

When it comes to estate planning, the inclination of many younger couples is to think that it is pertinent only for older parties. However, young families who have children as well as mortgage payments are most likely prepared the least for the unanticipated death of a breadwinner or parent. Creating wills or trusts is therefore critical for adults of all ages in New York.

Probate important topic to consider when drafting wills

Estate planning is an unspoken topic in many New York households, probably because few people like to think about death. However, planning for death is just as important as planning for life, including retirement and concerns about health care. Probate is one area of estate planning that requires careful consideration when making wills.

Wills important part of estate plans, among other items

In estate planning, the goal of the owner of assets is to ensure that all assets end up in the intended hands. These could be the hands of loved ones or a charity, for example. And the assets may include everything from money to real estate in New York. Wills are an important component of estate plans, although an estate planning checklist includes many other important items.

Wills an important component of estate plans

Many residents of New York recognize the importance of planning ahead in their lives -- for instance, planning ahead for retirement. However, being prepared for disability or death, which can happen at any time, is often ignored. A couple of tips may help with putting together estate plans, including wills, that meet the needs of those who create them.

DIY wills can be risky

Estate planning is a topic that is often avoided in New York, since talking about the possibility of death is oftentimes uncomfortable. Among those who do realize the importance of putting together wills, they may be tempted to try to draft these legal documents themselves. However, creating a will with an online DIY form can be risky.