People often focus on achieving future goals, such as saving money for their retirement years or for their children’s college expenses. However, estate planning is often neglected, as many people in New York and other areas prefer not to focus on this seemingly morbid topic. Creating wills, though, is an essential step in preparing for the future.
An important part of estate planning is drafting a living will. This document outlines the type of medical care a person wishes to receive in the event that he or she is unable to make his or her own medical decisions. In this document, people can specify if they prefer to stay on life support, as well as for how long.
Writing out a will is another important step in estate planning. In a will, people can specify who will receive their assets, as well as who will end up being their children’s guardians. However, wills cannot be used to leave property that people hold in joint tenancy, nor can they be used to leave property that has been transferred to living trusts.
With appropriately created wills, people can effectively control what happens to their assets posthumously. They can also protect themselves and their children’s best interests. It is within the rights of individuals in New York to seek legal guidance in order to complete their estate planning. Proper legal guidance can help people to create wills that are in line with the state’s estate planning laws, ensuring they will be considered valid in court.
Source: gobankingrates.com, “Estate Planning 101: Why Everyone Needs an Estate Plan“, Cameron Huddleston, July 25, 2015
