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.
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.
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.
Having an estate plan in place is critical for individuals of all levels of net worth in New York. After all, wills -- important components of many estate plans -- specify how various assets will be distributed when the testator passes away. Thus, anyone with assets -- whether large or small -- can benefit from have estate plans.
In general, men usually pass away sooner than women do. Since women live longer and might not have made as much money over the course of their lifetimes, they have unique needs when it comes to creating wills and other estate planning documents. A few tips may help women as well as men to protect their best interests through estate planning in New York.
Upon hearing the term estate planning, many residents of New York may automatically think about putting together a will. However, wills generally do not have much to do with those creating them; they are really about planning for other people, such as fellow loved ones. Estate planning is really also about taking care of the person creating the plan, while he or she is still alive.
Creating an estate plan is often low on the priority list for many today. However, creating wills and other estate planning documents is essential, especially for those who are divorced. A few tips may help with putting together effective comprehensive estate plans in New York.
Many Americans, including those in New York, are deciding to cohabitate rather than getting married. Reasons for cohabitation include the need to share expenses or the lack of desire to get married -- or remarried. However, just as married couples benefit from putting together estate plans, cohabitating couples can also benefit from developing wills.
For many asset owners in New York and elsewhere, estate planning seems to be something that only the wealthy need to complete. It is true that most individuals do not leave multi-million-dollar sums of money to their loved ones when they pass away. Still, creating wills is essential for everyone.