Often during estate planning, individuals and even attorneys become so focused on creating airtight documents, they may overlook the small but crucial details until the last minute. Choosing the right executor is one such details that some may put off until later. Sometimes this can mean that the person creating a will or a full estate plan has not given the role of executor enough consideration.
Be careful about taking care of an estate without legal authority
When a parent passes away, it's important to know who has the legal authority to take care of things. When siblings don't know what the will says--or ignore it--problems can ensue.
How many people don't have wills?
If you don't have a will, do you feel like you're the only one, or do you perhaps not know many other people who do have them? While your age clearly plays into this--as people are more likely to write a will as they get older--it's worth noting that it's easy to fall into either group. Studies have shown that about half of all Americans have never written or filed a will.
Probate litigation in New York
The period of time following the loss of a loved one'd death is emotionally traumatic for all family members and friends of the individual who died. It is enough just to process the intensity of feelings and emotions that will come -- often in waves -- during the mourning process. The need to navigate the probate process on top of this can seem like an impossible task.
Understanding someone's reticence to give up financial control
On of the matters of estate and financial planning that can come up in later years is whether someone still has the capacity to manage all of their own finances. While this is certainly a realistic consideration in many cases, it can be a difficult consideration for many older individuals who are facing what they perceive as a growing loss of independence in their later years.
It is never too early to think about long-term care planning
As residents of Monroe County in New York age, many begin to experience concerns about their golden years. These concerns often manifest as feeling fearful about the possibility of declining mental and physical health. These fears can be exacerbated as retirees see their peers struggling to manage challenging circumstances of their own.
5 key parts of estate planning
If you think that estate planning in New York sounds too comprehensive and complex, making it rather intimidating, it can be easier to break it down into separate parts. Below are five key areas that you need to consider:
Warren Buffett's thoughts on giving money to children
When writing your will, you may be thinking of simply dividing your money and assets up evenly between your children. While you can do as you please, and this is what many people choose, it can be interesting to look at investor Warren Buffett's thoughts on the matter. After all, he has a net worth of $66.7 billion.
Millennials and Advanced Health Care directives
Although many millennials have yet to acquire enough wealth for asset distribution to heirs to be an issue of concern, they may want to make a plan for how their affairs should be handled in the event of incapacitation. In this regard, millennials should ask themselves: If I am in a serious accident and become incapacitated, who will make decisions for my medical care and will that person make decisions that I would agree with?
Have a loved one with special needs? There is a trust for that
All parents worry about the long-term health, safety and wellbeing of their children. However, parents of children with special needs face challenges the rest of us do not. Not only must these parents care for their special needs family members far longer than parents of other kids, they must worry about what will happen to their vulnerable loved ones after they are gone.
Heirs seek additional royalties from Disney
Disney is currently facing a lawsuit from heirs to the man who wrote some of the songs related to the animated version of Rudyard Kipling's "The Jungle Book." The animated movie was released by Disney in 1967. According to the lawsuit, the man in question wrote several songs for the movie. However, only one song -- "The Bare Necessities" -- ended up in the movie.
