Due to the way that applicable laws change, over time the details of a will can be outpaced by the current legal environment. This is especially true when looking at a will through the lens of current tax laws. The goal of anyone who is writing a will should the to transfer as much value from an estate to the next generation, and it's important to think about how new laws can leave the terms of will too dated to serve their expected function.
A New York parent of a child with a disability may want to set up a special needs trust so that the child can still continue to receive government benefits such as health care upon disbursement of the assets. The special needs trust can be set up during the parent's lifetime or after his or her death, and the device may be able to help ensure the child's future stability.
Some people think that estate planning is complex and will cause family disputes while others simply do not want to think about asset distribution. Unfortunately, too many New York residents die without wills, a health proxy or power of attorney in place. The National Association of Estate Planners and Councils explains that it is important to have a living will and trusts in place not only to preserve assets but also to make estate administration and asset distribution easier on the family.