Although many people assume that creating a will is the same as creating an estate plan, this is not the case. While having a will gives you more control over what happens to assets held in your New York estate after you pass, it may not be enough to meet your needs. In the event that a will is enough to meet your needs, you may overlook items that should be included in the document.
Compile a list of all your belongings
One of the first things that you’ll want to do when creating an estate plan is to create a list of everything that you own. It will ideally include major items such as your home, car and bank account to smaller items such as the password to your social media accounts if you have any. You will also want to let your executor or trustee know about any storage units or safe deposit boxes that you have and how to access them.
Review your plan regularly
The one constant about estate planning and wills is that nothing remains constant in life. Therefore, you should review your estate plan at least once a year to ensure it meets your needs. It may also be a good idea to review it after a major life event to ensure that a new child or grandchild is included in your will or that your former spouse isn’t the beneficiary of a 401(k).
Having an estate plan in place may make it easier to settle your affairs in a timely and amicable manner. In addition to a will, you may want to consider having a trust as doing so may allow your assets to avoid probate while keeping the terms of your plan private.