Most parents always want to do what's best for their children. But New York parents of young children who believe that having a simple will would suffice if something should happen to them may be misguided. When it comes to estate planning and administration, parents should strongly consider having the most comprehensive plan in place for their kids and other loved ones.
When it comes to legal matters, it is often a mistake to undertake them alone. Even so, many New York residents attempt to do their own estate planning believing that generic forms they find on the internet are sufficient to complete the task. Unfortunately, their families could end up paying the price when the time comes due to deficiencies in the documents.
Many people put off the process of estate planning because they believe they are too young, too healthy or not quite wealthy enough to justify the effort. In reality, this is an important step for many adults in New York, especially those who may be raising children by themselves. There are important estate planning and administration matters to consider for single parents.
Many people make the mistake of assuming that planning for the future is only for the old, the sick and the wealthy. In reality, estate planning & administration matters pertain to people of all ages and income levels. In fact, one estate planning tool that can benefit people of average income and estates of normal size are trusts.
In this technological age, many people store important information online. But when it comes to New York residents and estate planning and administration, there are a few things people should know about storing their digital assets online in one place. For those who know a thing or two about technology, keeping important information online can be a great idea.
Testators usually try to please all loved ones in a last will and testament. During estate planning and administration in New York, the question may arise of who is in a position to be able to contest a will? The short answer is not everyone. Those who can, however, must believe that if the terms of the will were to be accepted as written they would be adversely affected personally and/or financially or those who have standing.
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.