For New Yorkers who are drafting estate planning documents, their decisions on how best to distribute their assets to beneficiaries will hinge on multiple factors. Those who have significant assets and have certain desires for their loved ones and how they will live can place criteria in the estate plan. When creating trusts, it is possible to put requirements for the beneficiaries in the document. This is evident in the trust created by the late Playboy founder, Hugh Hefner.
How is property distributed if there is no will?
When a person dies in New York, many heirs are surprised to find that the person did not leave a valid will. This is known as a dying intestate. Intestacy can be a problem for heirs as they will not get certain items from the estate they might have been promised or were expecting. There are certain laws in the state that will be adhered to if there was not a will. While this is not an ideal situation, it is important to understand what the law says and have legal assistance throughout the process.
Legal help with estate administration after a loved one's death
New Yorkers who are tasked with handling the estate administration of a loved one must know what they are dealing with. This is true with trust administration and estate administration. Since the issues surrounding these issues can be so complicated, having legal assistance is a must from the beginning of the process.
Key points to remember with estate administration
When a person is estate planning in New York, one of the most important aspects of the process is selecting the right person for the job of executor. It is not a simple responsibility and there are numerous traps involved with estate administration. The basics of estate administration include distributing the assets, adhering to the desires laid out in the will, and paying taxes. Executors are prone to certain mistakes that should be factored in from the time the estate plan is crafted. Knowing what to watch out for is key.
Hidden costs can derail an estate plan
The decision to retire can create a sense of relief, joy and hope for the future. It can also leave you feeling anxious and unsettled. Going forward without the traditional source of income you've relied upon for years, possibly decades can be an adjustment. Without careful planning, unexpected costs can be a calamity.
Important estate planning documents beyond basic wills
New York State residents who take the necessary steps in drafting estate planning documents like wills might think they have done enough to handle most situations. However, that is frequently not the case. There are other documents that might be important and, depending on the strategies the person has in mind, could be even more vital than a will. Most people do not take their estate plan as seriously as they should and it can not only affect their loved ones, but it can affect the testator as many documents are related to end of life planning.
