Many individuals in New York understandably prefer to discuss topics other than death. This is why many resist the idea of creating estate plans, which includes drafting wills and other documents. Unfortunately, failure to engage in estate planning means that an individual's assets may not be protected long term. In addition, people's wishes regarding what will happen to their family members in the event of their deaths may not be upheld. Here is a glimpse at some critical questions to ask when embarking on the estate-planning process.
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.
People in New York may be tempted to try to handle estate planning on their own. This includes creating wills and other estate planning documents without legal assistance. However, engaging in do-it-yourself estate planning by simply downloading and printing out legal forms online carries many risks.
Many people in New York put estate planning on the back burner, as they do not view it as an immediate need. However, putting off the creation of wills and trusts is not a wise idea, as death can strike at any time. Here is a look at what estate planning involves and why it is so critical to complete.
Estate planning is critical for all families, including single-parent families. Unfortunately, many of these families in New York and elsewhere fail to create wills or set up trusts. Here are some tips specifically for putting together trusts as part of the estate planning process.
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.