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As the name implies, a deathbed will is a will made up at the last second, when someone is very close to passing away. These are dangerous, as it's often very easy for people to contest them. They can claim that the person who passed away wasn't in his or her right mind, perhaps due to aging and perhaps due to medications. These wills, especially if they cut out someone who was in the will before, often lead to long legal battles.
There are a lot of myths about estate planning, and if New York residents buy into these myths, it could leave their best laid estate plans in ruin. This article will discuss two persisting myths about estate planning for people who are married, why these myths aren't true and what you need to know about them.
More and more, experts are suggesting that people create digital wills for the division of online assets. Much of this has to do with granting access to your accounts and ensuring that people can get into them after you pass away.
In the past few weeks, we've talked about the importance of a will and how to avoid some common estate-planning mistakes. We've also covered the fiduciary role, so you know it's important to choose the right person when you are picking people to handle your money or will. But how do you choose an executor for your estate or will?
The recent death of pop-star Prince revealed that the musician and renowned philanthropist passed away without creating a will. Court papers filed by the musician's sister revealed the absence of a will shortly after his death. It is surprising that such a successful person could have left this world without completing his estate plan, but committing this and three other common estate planning errors happens more frequently than one might think.
You may know that it's quite important to update your will. Despite the fact that most people don't do it often enough--one study found that a full 86 percent of people had not updated at all in the previous five years--you know that changing circumstances and assets have to be recorded. After all, a will that doesn't even address your new home or your divorce isn't going to fit very well with the reality of your circumstances.
When people tell you to write a will, they'll often suggest that you should at least have a document saying you leave everything that you own to your children, or something similar. While this can be helpful, it's important to note that such general wills aren't always the best way to go because all of your property may not be covered by the will.
If you don't have a will, do you feel like you're the only one, or do you perhaps not know many other people who do have them? While your age clearly plays into this--as people are more likely to write a will as they get older--it's worth noting that it's easy to fall into either group. Studies have shown that about half of all Americans have never written or filed a will.
When writing your will, you may be thinking of simply dividing your money and assets up evenly between your children. While you can do as you please, and this is what many people choose, it can be interesting to look at investor Warren Buffett's thoughts on the matter. After all, he has a net worth of $66.7 billion.