We all have a general idea of who we would like to have our possessions if we pass. Those who engage in estate planning hope that their assets will be passed on in accordance with their wishes. To do so, these individuals utilize a number of legal tools, including trusts, wills and powers of attorneys. However, even the most iron-clad estate plan can falter when an estate administrator and others involved in the estate distribution process fail to abide by the laws and rules in place to protect estates.
When people think of estate planning, they often think about how they want to leave their assets to their loved ones while at the same time protecting the value of the estate. In a nutshell, this is the entire purpose of estate planning. But there are many considerations that go into the process, which may alter the way in which one engages in estate planning. These considerations can give rise to estate planning challenges.
There is always something we need to do better our future, but this does not mean it is easy to take these steps. It can take a lot of courage to initiate the estate planning process. It's not easy to address your own mortality, and the thought of how to divide your assets amongst your loved one's can be stressful, especially when expectations are high. Although some individuals feel a massive sense of relief once they complete their estate plan, they are far from being done with the matter. Those who fail to revisit their estate plans may very well be putting their estates in jeopardy.
Losing a loved one is a difficult thing to deal with. While surviving family members focus on their emotional healing and remembering their lost loved one, they often also have to confront the reality that they have to figure out what to do with their loved one's assets. This process of asset distribution may sound easy enough, but in practice it can be fraught with logistical and legal complications.
Knowledge about the importance of a will is becoming more mainstream. However, many New Yorkers still put off creating this important estate planning document, which puts their assets and the distribution of those assets at risk. For many New York families, their loved ones pass away before any estate planning tools are utilized. When this happens, the matter will have to be addressed through probate court.
It seems like every aspect of our lives is becoming digitized. Entirely within the Internet context, we can communicate with our friends, market ourselves for a new job, and even share intimate details of our personal lives through social media sharing. As all-encompassing as that may seem, the digital world's effect on our lives doesn't stop there. For example, even our money is becoming digitized through cryptocurrencies such as Bitcoin.
Creating a trust account can be a great way to provide financial security for yourself and your loved ones. Depending on the type of trust you choose to create, you can dictate how trust funds are managed, paid out and utilized. While selecting the right type of trust or trusts for you can be critically important, so, too, can choosing your trust administrator. To see just how important this step can be, you need only look at one recent case where a trust administrator is accused of abusing his power.
For decades, individuals and families have taken the time to explore their options to plan better for the future. Estate planning is a process that seems ancient. It does, however, change with the course of time. New investment opportunities and methods arise, and the changes to the law can give rise to new techniques to ensure that beneficiaries and their inheritances are protected. Even the definition of an asset and liability can change, redefining how we go about creating estate plans. This means that those who are thinking about their future need to ensure that they are with the times, thereby allowing themselves to obtain the holistic estate plan they need.
Planning for the future can be easier to tackle when there are instruments available to help us and guide us through the process. There are a number of estate planning tools at your disposal. Wills are often utilized a main platform to transfer assets upon death, and trusts can play an integral part, too. In fact, there are so many different kinds of trusts that you are almost certain to find one that meets your needs. This week, we will look at the charitable trust.
Planning your estate is an important step to take if you want to ensure that your assets are passed on according to your wishes when the time comes. As this blog has previously discussed, there are many estate planning tools that can come into play throughout the process. The tools chosen are dependent upon the circumstances at hand and the future wishes of the estate planner. One common vehicle used for estate planning, though, is the will. Although most people are familiar with the basic concept of a will, some find themselves unsure of why they need legal assistance when drafting one.