When people in New York die their assets will usually go through the probate process before being distributed to heirs. The person's surviving loved ones may be in a state of grief, and may be relying on the executor of their loved one's estate to take care of the estate administration details. Unfortunately, certain circumstances may come up in which there is a dispute with regards to the administration of a person's estate.
Formulating an estate plan with business succession in New York
Those who have a business in New York need to make certain that their estate plan addresses it. This is similar in importance to the various personal assets that will come to the forefront in these situations. Often, it is more important. The last thing a person who has worked on a business wants is for there to be issues regarding its maintenance after he or she is gone. Transferring a business to heirs can be complex, but it is frequently a significant goal when crafting strategies to simultaneously protect a business and those who are inheriting it. Legal assistance is an imperative in a business transition.
What is a power of attorney?
As an important part of estate planning in New York, individuals may prepare a document in anticipation of possible incapacity and the need for another person to make important legal and financial decisions on their behalf. Under a power of attorney, a mentally competent person executes a contract granting another trusted person the power to make legal and financial decisions for them.
What is a living will?
The last thing a Rochester area resident wants to think about is what would happen if they become incapacitated. But for many people this is a reality. A living will is an estate planning document that lets loved ones know valuable medical information.
What are the duties of the executor of an estate?
While being chosen as the executor of a loved one's estate might be considered an honor, it can also be confusing, particularly for those who have not been the executor of an estate before. It is still important to have a basic idea about what the executor of an estate does.
The importance of business succession planning
More than three-quarters of family businesses lack a robust succession plan, according to PricewaterhouseCoopers. Of these, nearly half are worried about entrusting their businesses to the next generation. The rest have simply not taken the time to work out the details of succession. If your business is something you've dedicated time and energy into building and running, it is worth protecting with a succession plan.
Important considerations when estate planning
Rochester residents who are thinking about their estate plan might wonder how various changes to the political climate and other variable factors might affect them and their families. Tax implications, attempts to preserve assets, and the details that go into drafting estate planning documents will all come to the forefront. For example, the estate tax has been frequently mentioned as something that many would like to abolish. However, there is sometimes confusion with the estate taxes in comparison to capital gains taxes. Bearing that in mind, those who are considering an estate plan must be knowledgeable as they move forward.
Hybrid policies may be an option for long-term care
We live in an age where medical advancements and health awareness means that people in New York and nationwide are living longer than ever. While this is a good thing, it highlights the importance for people to give some thought and make plans as to how they will care for themselves in their old age.
Even young people in Rochester can benefit from estate planning
Some people in Rochester may believe creating a will, trust or other estate planning document is only an issue once they reach their old age. In fact, nothing could be further from the truth. Young adults can benefit from having an estate plan, especially if they have children. After all, death is no respecter of age, and even a young adult can die before their children are grown adults.
