When asset owners in New York think of their important assets, money and real estate property often come to mind. Naturally, these are the assets that often end up in wills. However, many individuals neglect to consider other noteworthy assets as well, such as their Facebook accounts.
Estate plans are simply collections of documents that spell out people's wishes in the event of their deaths. Wills are among the most important documents to include in estate plans. However, other documents that are often overlooked, such as the power of attorney, are just as essential to create in New York.
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.
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.
Those who are not necessarily well-to do-in New York may not see the need for engaging in estate planning. However, wills are essential no matter what one's net worth is. Other estate planning documents are also important to include in a comprehensive plan.
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.
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.
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.
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.
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.