One of the most complex situations in New York regarding an estate plan is when there is a legal dispute. Often, these come about because the testator changed their will to change or remove heirs. For people who are considering a will contest for any reason, having legal assistance from a law firm experienced in estate litigation is key.
What An Estate Plan Can Achieve
Estate planning is about protecting your plans and your legacy. It is about safeguarding your future and putting your wishes on record. To be successful, an estate plan should do more than just account for all of your assets. The best estate plans take into account the reality of implementing them.
Executing A Will Calls For Rapid Action
Choosing an executor as part of your will is an often overlooked step. People naturally choose the oldest child or a sibling they are close to. They often fail to account for the reality of the role of executor. If you have never been in that position yourself, it is easy to underestimate its importance.
A common estate planning mistake is not updating beneficiaries
New Yorkers who create an estate plan are doing so with the interests of their loved ones in mind. This is an act of kindness to ensure that all the issues that need to be settled when a person dies can be done with relative simplicity. However, there are often mistakes that can come up and it is important to recognize them and take the necessary steps to avoid them. One that is frequently overlooked is the beneficiary designations.
Legal assistance for elderly New Yorkers who need Medicaid
As New Yorkers grow older, they will inevitably need to pay stricter attention to their healthcare requirements. This often results in high costs that are not covered by insurance and Medicare. A prime example of this is when an elderly person needs to receive long-term nursing care either in a facility or elsewhere. Since it can be so costly and most people do not have the assets or income to pay for it, Medicaid is needed. There are frequent misconceptions about Medicaid. Those who believe they might need it should seek legal assistance when trying to be approved.
What makes a will valid when it is nuncupative or holographic?
A common topic for dispute of an estate plan in New York is whether the document is valid or not because of the way it was formulated. Not everyone has the time to take the necessary steps to have a conventionally valid will. However, those who do not can still create an estate plan that will address their property after they are gone. Knowing how to create a will without going through the commonly known means is imperative for many people.
The Role Of Privacy In Estate Planning
A last will and testament is an important part of any estate plan. A will is one of the few estate planning tools that is useful for almost everyone. That said, there are things that a will cannot accomplish. Depending on your goals in leaving a legacy, you may want to combine a will with other devices.
