Parents in New York who focus on estate planning today may potentially prevent arguments among their adult children. How people allocate their estates through wills and trusts, no matter the amount, requires proper communication and planning. A few tips may help to navigate the process efficiently.
Estate plans are especially critical in the United States, with American retirees in 2013 being the sixth most generous retirees worldwide with regard to passing down assets. According to a recent survey, more than 50 percent of retirees in the country were planning to leave inheritances averaging more than $176,000. Dividing possessions, money and property equally among the children or other family members is generally a relatively smooth process. However, if the outcome is not perceived as fair to all parties involved, the estate planning process can be a little trickier to navigate. The right legal guidance may be helpful in this regard.
In addition to drafting wills and/or trusts, it is typically important to designate different business, health and financial powers of attorney. It is wise to have all estate planning documents in place early in one’s adult life. Then, as the children get older, one can simply review and update these documents, as circumstances warrant.
Estate planning can be stressful, especially for those who have high-value or complex assets. Creating wills and trusts may also be challenging for those who have blended families and must determine how best to distribute their assets to children and stepchildren. A working knowledge of the law may help people in New York to make informed decisions regarding how to most effectively create an estate plan that meets the needs of all family members.
Source: minutemannewscenter.com, “Keeping the peace among adult children in estate planning”, Nathaniel Sillin, March 27, 2016
