Thinking about estate planning usually is not high on many individuals’ to-do lists in New York. However, creating wills is critical for ensuring that their assets are protected down the road. Here are a few tips for making the most of the estate planning process this year.
First, it is critical that people who own assets they wish to protect begin the estate planning process broadly. In other words, they ideally should think about what they would like to happen to their family legacies and wealth. Then, they can develop plans that reflect these goals while simultaneously making sure that their plans are as tax efficient as possible.
Second, it is important that asset owners realize that they do not have to divide their assets equally among their descendants. Instead, it is best for them to match their assets to their children. In addition, if they prefer to give their assets to charities instead of to their children, this is certainly a viable option. All in all, it is critical that they move forward with plans that best align with their convictions and desires.
Navigating estate planning in New York can understandably be complicated and overwhelming. However, an attorney in New York can provide the guidance needed to properly create wills and others estate planning documents. With these documents, asset owners can ensure that their assets end up in the proper hands in the event that they pass away. An attorney will take the necessary steps to make sure that his or her client’s estate plan protects the client’s best interests long term.