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June 2014 Archives

Reasons for updating a New York estate plan

Estimates say that approximately half of all older adults do not have a will. However, for those who do have a will, it might not be good enough to write it and not keep it updated throughout the years. There are several reasons why it may be a good idea to go over a will or trust regularly and make changes as necessary.

Benefits of trusts in estate planning

Wealthy individuals in New York often choose to leave money to heirs directly in their will. However, in terms of estate planning, probate administration and giving money to minors, setting up a trust offers many benefits. Putting the assets in a trust and appointing a trustee allows a trusted individual to manage the trust and may serve to better preserve and protect those assets for certain beneficiaries.

Estate planning and preparing for mental incapacity

New York residents who have planned for the disposition of their assets upon their death should consider making provisions in case of their mental incapacity. It is important to be sure that the estate is protected and that a person's plans for the estate do not change due to mental incapacity. Individuals should keep in mind that there is a difference in dementia and the forgetfulness that comes with ordinary aging. It is normal for people to forget things like names as they age. Older people may also have more difficulty learning, but neither of these things indicate that someone is unable to make competent financial decisions.

Estate planning and qualified disclaimers

In some cases, New Yorkers go through the process of having a will drafted, but they neglect to update it after certain life changes have occurred. Additionally, individuals may feel uncomfortable discussing their estate planning process with loved ones, potentially leaving loved ones in the dark. Disclaimers can assist both the grantor and the named recipient of gifts and bequests.