While many New York residents fail to establish estate plans, those who do often make unintentional mistakes. Drafting a will and creating trusts are best done with the guidance of experienced legal counsel. One of the biggest mistakes is neglecting to review estate plans at regular intervals to ensure life events, such as deaths, births, marriages and divorces, are reflected and that the necessary modifications are made to keep it current.
Naming an inappropriate executor of an estate could cause problems. Many people choose one of their children without considering potential nasty sibling rivalry and even legal battles that could develop after a parent’s death. Choosing an executor that is not a close family member might be wise. When it comes to the idea that everything should be split equally between the children, it might be wise do that with money and not items or objects. Situations could arise in which an object has emotional importance for one sibling while a brother or sister might see the monetary value instead.
It is only natural for people to think they plan for circumstances as they expect them to be in their golden years, leaving money in a will to their children, who will likely be grown up by that time. However, an accident can cause death long before that, and if a minor child receives a large sum of money, he or she might be too young to take on that responsibility. For that reason, leaving funds in a trust might be more appropriate.
Utilizing the skills of an experienced estate planning attorney to establish wills and trusts might be the best way for anyone in New York to ensure his or assets go to whom they were intended. A lawyer can also ensure that assets like bank accounts, stocks and real estate are retitled to go into trusts. Furthermore, an attorney can assist with occasional reviews of estate plans and help make modifications when necessary.
