Parents of young children usually have different estate planning considerations than parents of adult children have. One of those considerations should be who to appoint as the guardian of minor children in case both parents unexpectedly pass away. However, a less well-known consideration might be how you plan to leave assets for your children.Many parents leave assets for their children in a will. This can be a convenient option since a will is also the document needed to designate a guardian. However, leaving minor children assets in a will could be problematic.
The importance of a last will and testament
Some may believe writing a “last will and testament” can wait until tomorrow. But tomorrow is not guaranteed. If you don't write or help create “a will” and pass on, New York State will take over and divide the assets. The state has defined standards for dividing an estate holder’s property. It does not try to figure out the wishes or the goals of the deceased. It also does not accommodate the unique interests of a family.
A family meeting can prevent some disputes over your estate plan
You may feel uncomfortable bringing up your estate plan with family, and some family members may even try to change the topic when you do so. However, many benefits can come from talking with your loved ones about your estate plan.Communicating at least the basics about your estate plan to family members can prevent family infighting and probate disputes. This conversation can also help make sure everyone understands your wishes and is prepared to take on any necessary responsibilities when the time comes.
When is it important for me to update my estate plan?
For many New Yorkers, the creation of an estate plan is viewed as final with no changes necessary. Some might have taken a significant amount of time before finally crafting an estate plan to prepare for the future, but when they did they were fully prepared to leave it as is. However, major problems can arise if the document is not updated when changes to a person's life happen. Even with the most comprehensive strategies for estate planning are frequently insufficient because of a failure to update. There are several reasons why it is important to update an estate plan and having legal advice when doing so is critical.
