An estate plan in New York is important not just for the minor children you leave behind but also for adult children. While you are still able to, it is a good idea to get a team together of financial advisers and lawyers who can assist with this type of transaction. Don’t leave the court to decide for you after your death. This will happen if nothing is in place to divide your assets. Having the court involved is not only expensive but arduous and drawn out.
There are plenty of qualified individuals to assist you, and it is best done now rather than later. When you leave behind a well-documented trail of what your wishes and desires are, there can be little infighting.
One question that comes up quite often is when your adult child receives his or her trust after your death. If your child’s track record is not good so far as financial terms go, receiving a large payout at once may not be ideal. In New York, estate planning means making hard decisions now with a team of professionals.
A trust can be set up to delay when the child receives his or her inheritance, or it can be set to give incremental payouts so that your child only gets a portion of the inheritance at predetermined times.
Another idea for estate planning is deciding if you want to leave all your estate to your children or if you want to give part of it to charity. An experienced team of professionals can certainly walk you through this decision-making process.
Giving thought to a charitable donation is to do what is best for that particular establishment. Giving a huge amount to a small organization can be just as disconcerting as leaving them with nothing. If you truly want to leave a large amount to a small church or organization, helping them out by delineating what the funds are to be used for is a step in the right direction.
Appointing a trustee or executor is a decision that many people agonize over. It is often best not to appoint your adult child to this role. It is a good idea to appoint someone who knows your family and can be able to represent your wishes well.
Being prepared for the hereafter means getting your property and financial assets in good order while you are on earth. Putting together a good estate plan is a true comfort that those left behind will appreciate.
Source: Florida Weekly, “Take the time to make a lasting impression with your estate” Jeannette Showalter, Jun. 18, 2014