If there is one thing that readers of this New York estate planning blog should take away from its many posts it is that everyone should have an estate plan. An estate plan does not have to be a complicated scheme of inheritance and conditions: estate plans need only be enough to fulfill the wishes of their testators and satisfy the requirements of New York law. Wealthy or of modest income, with children or single, all individuals can and should build the estate plans that they want.
The word "debt" often has negative connotations. Debts can be burdensome, long-lasting, and can affect the ways that New Yorkers spend and save their money. However, some debts, while not necessarily good, are not as negative as others. For example, when a person takes out a mortgage to buy a home, that debt may give them an opportunity to get into the real property market.
Some readers of this New York estate and long-term care planning legal blog may perceive a contradiction in the world of wills and probate. On one hand, it is often advocated that individuals should create and execute wills so that their testamentary wishes are enacted. However, they are also advised to find ways of avoiding the probate process. Since a will is handled in probate, it seems as though it may be impossible to fulfill both of these important end-of-life planning goals.
There are many issues that must be dealt with when a person passes away. If they have taken the time to create a comprehensive estate plan, their loved ones may have an easier time working through the management of their assets and the settlement of their estate. Individuals who pass away in New York and other states, however, are generally not relieved of their obligations to pay off their debts when they die. It may fall on their estates and estate administrators to ensure those costs are covered.
Planning for one's own long-term care and estate management can be a daunting task. The law firm of Enea, Scanlan & Sirignano offer estate planning legal services to New York residents who wish to secure legal assistance with these and other important undertakings. One of the most difficult decisions that individuals often have to make when it comes to estate planning is selecting who to choose as one's estate administrator.
When dealing with estate assets, it is a necessary to go through a legal process. Probate involves the collection and distribution of a decedent's assets in accordance with their will and other estate planning tools. In New York, the elements of a person's estate may be located, debts may be paid, beneficiaries identified and assets passed out all through the probate process.
When developing an estate plan, there are some things to keep in mind and there are some things to avoid. Typically, one is told they want to avoid high costs associated with the execution on an estate plan following his or her death; thus, they are told avoiding probate is a must. While avoiding probate can reduce costs, it is still important to understand what the process is, why it is necessary and why it is not such a negative procedure.