New Yorkers are smart to take the necessary steps to have a quality estate plan, but one issue they frequently run into is that they do not know who to trust. Since the idea of death - whether it is imminent or not - can bring emotional pain and fear, there might be a few steps missed when getting help crafting an estate plan. Knowing what to look for regarding dangers and what is needed are key aspects to having an estate plan that serves its purpose and adheres to the goals of the testator.
Children can help aging parents with estate planning
When a parent is aging and concerns about the future are arising, it can be difficult for children to discuss estate planning with them. However, it is necessary to have the discussion to ensure that the proper plans are in place for every reasonable eventuality. These include elder care issues, how inheritances are organized, who the beneficiaries are and other documents that can be essential. It might be awkward to have this discussion with parents, but being prepared can make it easier. Seeing a lawyer who understands these vital issues can also be helpful.
Late chef's estate plan shows how he distributed various assets
When celebrities die, there is frequently a significant amount of attention paid to how their estate plan was formulated. Often, there is surprise at how much or even how little the person had in terms of assets. The structure of the estate plan will tell how they prepared for the future and positives and negatives should be taken from that plan and adapted to anyone who is moving forward with estate planning.
Who Can Be Your Guardian
Guardianship is a legal relationship that more and more Americans are likely to need as they get older. A legal guardian is a person who has been granted the power to make personal decisions on behalf of another (known as the ward). A similar relationship known as a conservatorship involves granting someone power to make financial decisions for the ward. Together, these two instruments can help someone suffering from dementia or other disabling condition transfer authority to make the right choices on their behalf.
Challenging a will: Who can do it?
It is an unfortunate reality that when a New Yorker dies, there could be a legal dispute regarding their estate. However, people considering challenging a will might not know who has the right to do so. For example, a person who believes there should have been a bigger share awarded and is unhappy with how the property was allocated cannot simply challenge the will because of that and expect changes to be made.
Estate Planning Can Be An "Adulting" Win
There is a common misconception about estate planning that it is a problem for the sick or elderly. In reality, estate planning should start well before you start considering retirement. If you are gainfully employed or have any assets you want to continue owning for more than a few years, you need to consider creating an estate plan. Consider it a relatively easy and painless step in the grand adventure of "adulting."
