When people take the time to plan their estates, they likely want to avoid any major errors or pitfalls. Estate planning and administration in New York can be complex, so having some information while on the planning journey may save a lot of time and possible headaches down the line. Even if a revocable trust is part of the plan, there are some ways to avoid some common mistakes.
Even when trusts are comprehensive, they should not take the place of a will. Naming the right executor, trustee or fiduciary to manage the estate is part of a good, overall plan. The right person for that task doesn’t necessarily have to be a family member. The person will be responsible for all the assets of the estate and for paying the debts. Choosing one child over another may cause hard feelings, while choosing more than one child can cause turmoil, so it may be best to have someone else handle the duties.
People who plan their estates sometimes forget to include those things that could mean the most to their loved ones. Perhaps a daughter would love her mother’s china or other collection or a son would love to have his father’s tools. These things, too, should be discussed with loved ones and included in a will. Digital assets should also be included.
Talking with family members about estate planning and administration could go a long way to preventing hard feelings and disharmony among loved ones. A New York attorney may be able to offer some insight as to what should be included in a comprehensive plan. When these documents so they adhere to the law, it will save executors and beneficiaries much grief.