When New Yorkers are thinking about setting up their estate plan, nearly everyone understands what a will is. Creating a will is relatively easy, regardless of the person's financial and personal situation. However, not all situations are simple and more complex situations will need more thought into the kind of estate plan that is needed. This is where a trust can be useful. Understanding when and why a trust is beneficial can help the decision-making process immensely.
What are the easiest steps to take when creating an estate plan?
Estate planning is not a simple process for most people, despite how little their assets may be. It is often a complex system of laws, filled with clauses, exemptions, stipulations and more. How does the average person manage to create a satisfying estate plan? One step at a time.
Qualities to look for when selecting the executor of your will
Deciding to make a last will and testament is a big step, but the process of drafting this document will involve making several more decisions along the way. One of those decisions involves choosing a person or entity to be the executor of your will.
Everyone needs a basic estate plan, regardless of age and health
For many New Yorkers, estate planning is not something they actively think about. It is an unfortunate reality that life is fleeting, and people can suddenly find themselves in need of these vital documents. Estate planning can ensure their assets are allocated as they wish, their family is protected, and other common issues are addressed. With the recent news stories of wealthy people who died without estate planning documents, it is imperative to be prepared for the future. Knowing the basics is fundamental.
Lack of estate planning is common for those 55 and above
New Yorkers who have a well-crafted estate plan are taking necessary steps to prepare for the future. While this is a relatively obvious need, many ignore it. Surprisingly, a significant portion of those who fail to create even a basic estate plan are people 55 and older. Having strategies for the long-term is critical and legal help is vital to accomplish this.
When is a surviving spouse disqualified in an intestate case?
Not every New Yorker has an estate plan that details how he or she wants property distributed after death. Similarly, not every family situation is a smooth one where even an intestate case is relatively easy to deal with where the state will simply follow the law in determining what the spouse and other heirs get and there is little dispute. One situation that can be confusing is if there is a surviving spouse, but the law requires that he or she be disqualified. To address this situation, it is important for the heirs to have legal assistance.
A health care proxy and a living will can work in tandem
A health care proxy and a living will are both legal documents that address the type of medical care you would or would not like to receive in the event you become unable to communicate those wishes to your doctors. Although these documents are often used by those who are planning for end of life care, they are not just for the elderly. All adults can use these documents to be prepared in case something unexpected happens.
Four tips to help art collectors pass on their art
An art collection creates much joy for those that love art. It can also be a serious investment. So, when an art collector contemplates estate planning, what will happen to his or her collection is a serious consideration.
