One of the main reasons that New York residents take the time to make clear estate plans is to save their loved ones from having to guess what their intentions were for the disposition of their end-of-life wealth and assets. An estate plan does not have to be complicated to serve its purpose: the creation of several key documents can make all the difference between an estate that is subject to interpretation in probate and one that is efficiently distributed to a decedent's beneficiaries.
Taking the time to develop an estate plan is important no matter one's age. While some like to put this off until later in life, it is often stressed that individuals understand what an estate plan can do, the different documents that make up an estate plan and the importance of keep them up-to-date. Take for an example a will. This document is crucial when it comes to designating the heirs and beneficiaries that obtain one's property and assets following his or her death.
With regards to estate planning, many think that it is all about the future and later in life decisions. While it is important to take action to draft documents that detail what should happen at your death or in the event of incapacitation, it is vital for individuals in New York and elsewhere to consider steps they can take in their lifetime to benefit their financial future. This is often where trusts can be beneficial.
A valid will can be an important part of a White Plains resident's estate plan, but it is an unfortunate fact that many people mistakenly believe that their wills meet all of the state's technical requirements. When a will lacks certain provisions or legal requirements, it may be deemed invalid and may be set aside when a person passes on. It is important that individuals seek individual legal counsel to ensure that their wills are up-to-date and legally sound to avoid having them disregarded after their deaths.
A person can have a great deal on his or her mind when getting a divorce. Given this, there are a lot of things a person who has just gone through a divorce may be tempted to put off for awhile. However, there are some things it is critical to not procrastinate on following a divorce. One of these is estate planning. Estate planning missteps can have major ramifications for a divorcing person and his or her family. Today we'll go over two estate planning mistakes it is critical for individuals to avoid following a divorce.