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Wills can be changed and updated as needed

Many people in New York may currently be considering estate planning options to protect their assets and provide for their loved ones' futures. Some have procrastinated for quite some time but have been prompted to become more proactive after reading news stories about famous people who have died without wills in place, leaving family members and others squabbling over their possessions. Although no document is required by law since an estate plan is a highly customizable and individual compilation of documents, most people include final wills and testaments when they execute their plans.

Executing solid estate plans typically involves more than wills

Invite one hundred people in New York to talk about their estate plans, and how many will show up? Chances are, half -- if you're lucky. Many people avoid discussing wills or their own mortality like the plague. However, those who understand the importance of drafting a solid plan to protect their assets and provide for their loved ones will likely be the ones to attend gatherings focused on the topic.

Failure to execute wills may lead to family squabbles

Not many people in New York want to sit around discussing their own mortality. However, it's simply a fact of life that death is inevitable. Most people want to help prepare their loved ones for the possibility that they themselves will one day be gone from their lives. One way to do so is to execute wills and other estate planning documents.

What do Americans seem to have against wills?

Many New York residents and others simply don't like to discuss the fact that they are going to die someday. That is, this is one of several possible reasons many adults fail to execute wills or other estate planning documents. Of course, some people say they don't think their assets are worth enough to go through the process.

How many types of wills are there?

Some New York residents among others across the country would rather discuss just about anything more than estate planning. Others, however, consider it a topic worth talking about and want to learn more about the process so they can design thorough plans of their own. A common question regarding the process of planning an estate has to do with wills and how many different types exist.

When those with high net worths die without executing wills

Pop music fans in New York and throughout the world shared their sorrow upon learning that pop music icon George Michael had passed away during the holiday season. Family and friends continue to mourn their great loss and plans for public memorials and celebrations of his memory are being made. When famous personalities of high net worth die, speculation regarding their wills (and whether they executed any) typically flood news media. Michael's case is no different, as there has yet to be any official statement regarding his estate.

Those without wills often leave messes behind for loved ones

Fans in New York and throughout the nation love to keep up on the details of their favorite superstars, even after said celebrities have died. News of those who have passed on with no wills in place has often flooded the internet. Rockstar Prince is one of the most recent music icons who is said to have left his sister battling against probate for his estate because he never executed a formal will before he died.

Wills and other important estate planning considerations

One of the most common financial mistakes is the incorrect assumption that one does not need an estate plan if that individual is not wealthy. In reality, every person in New York and elsewhere can benefit from an estate plan regardless of his or her financial standing, income and savings accounts. This step can include drafting wills and establishing trusts, providing much needed peace of mind for family members. 

Living wills, durable powers of attorney can be helpful

Parents in New York naturally want to stay involved in their children's lives when their children have gone off to college. However, parents legally do not have the right to deal with their children's affairs if their children are 18 years old or older. A few tips may help parents to ensure that they can continue to make decisions for their children in the area of medical treatment and finances when their children are away at school, including preparing durable powers of attorney and living wills.

Wills must be updated following major life changes

Estate planning is an ongoing process in New York because life is constantly changing. In addition to creating wills or setting up trusts, it is important for people to ensure that their estate plans are regularly updated. Several situations are indicators of the need to review and update an estate plan.

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