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.
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.