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Wills: What are the options for special needs trusts?

People in New York who have special needs children may be unsure of the options available to make sure the children are provided for if the parents should die. Special needs trusts are designed for this purpose and can be set up along with the drafting of wills and other estate planning documents. There are two types of special needs trusts -- one is funded with the beneficiary's own assets, and the other is funded by a parent or other third party.

Wills -- where do powers of attorney fit into estate planning?

New York families may not be aware of the importance of proper planning before a person becomes unable to handle certain financial and medical aspects of his or her life. Although such circumstances are typically associated with old age, an accident can incapacitate anybody at any time. Along with estate planning documents, such as wills and trusts, two other documents should be included in people's plans to protect their interests in case of such eventualities.

Wills are not required but are often crucial to successful plans

Many New York residents are currently considering executing estate plans. Others would rather have teeth pulled than even talk about the subject. Such hesitance is sometimes related to fear of discussing mortality, but it also often arises when there's confusion regarding estate laws or various documents, such as wills, powers of attorney or trusts.

Simplifying complex laws regarding wills and other estate issues

Matters pertaining to estate planning often involve complex legal issues that may be difficult for the typical person to understand. In fact, even with a single category -- wills, for instance -- there may be various types of documents and possible reasons for choosing one over the other that someone well-versed in probate and estate administration would understand and be able to provide effective counsel to help simplify the process. Many people in New York are on the fence as to whether they should execute an estate plan. Others are ready to do so, but unsure where to turn for help.

Thinking ahead may help prevent contested wills

Documenting final wishes and instructions for those charged with administering an estate is a common practice in which many New York residents engage. No two wills are exactly the same as execution is highly customizable to meet individual needs and long-term goals. There are several things estate owners can do to decrease chances of having their wills contested.

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.

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