There are some words associated with estate planning that most individuals want to steer clear and one of those is probate. When it comes to estate planning and administration, many New York residents working on their estate plans wish they could sidestep probate. It can be costly and time-consuming.
It's a very smart move for adults to have a will. But relying solely on will when estate planning can be a big mistake. New York residents who really wish to be thorough in their estate planning should think about the other documents that are important to include in their plans. To negate documents such as a power of attorney or an advanced care directive could be incredibly detrimental.
The 21st Century has put an additional spin on planning for the future. When it comes to estate planning and administration, New York residents need to take into consideration their digital assets as well as concrete assets. Failing to do so means that an estate plan is not yet finished.
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.
New York small business owners make important decisions on a daily basis. They decide who to hire, what products and/or services to offer to customers and even which vendors to do business with. These decisions take care of the day-to-day business; however, the prudent business owner also recognizes the need for estate planning and administration concerns to be addressed.