New Yorkers who are considering their options for estate planning might be tempted to avoid the perceived costs and hassles of having a legal professional do it for them. In other words, they might take the DIY option as if it is some household project about which they can follow a set of instructions to complete it or make it up as they go along with no long-term harm done. There are some cases in which it might be sufficient to do a basic set of estate planning documents and not get legal help, but for most this is a mistake.
The importance of picking the right executor when estate planning
Vigilant New Yorkers will make certain that they have crafted a comprehensive estate plan regardless of their age, assets and family situation. However, one factor that is often overlooked is the executor. Many people will have someone in mind to serve this vital function, but they do not consider the multitude of factors that go into the decision and whether their initial choice is the right one for the job. Being an executor is not easy and bearing various issues in mind is key when selecting the person to do it.
Challenging a will based on testamentary capacity in New York
When a New Yorker creates a will, there are times when its legality will be challenged. To move forward with a will contest, there must be a good reason to do so. Challenging a will can be very difficult, but when there is a legal dispute, it is not impossible to have a will declared invalid if there is a justifiable reason for doing so. Knowing the various aspects of why a will can be contested successfully is important. One issue that might arise is a lack of testamentary capacity.
Can you make your own estate plan?
The do-it-yourself crowd has access to tools that were unimaginable even a decade ago. Those tools can be powerful, but therein lies the problem. Power, in the hands of the inexperienced, can be disastrous. If you are considering creating an estate plan on your own, it is important to have an accurate understanding of exactly when a problem is beyond your ability to solve.
Multiple issues can be addressed through estate planning
For New Yorkers who are thinking about the future and their estate plan, sometimes the most basic questions are the most important to answer. Such issues as an unexpected death, an injury or illness that leaves a person incapacitated, what happens to children if both parents are gone unexpectedly, how to handle certain health issues if the person cannot make decisions on his or her own, and financial matters in the future are all essential elements that must be addressed in an estate plan. Having a fundamental grasp of these situations can avoid pain and hardship later.
