Estate planning is an important consideration for people in New York and across the U.S. Individuals planning for asset distribution need to bear numerous issues in mind as they make decisions while preparing wills. To have a full grasp on various strategies that can be implemented, it is key to remember the following five tips regarding estate planning.
First, each state has different rules as to what will happen to a property if a person dies and there is a problem with the will. In general, the spouse will receive the assets first, followed by children, parents, siblings and distant relatives. Second, it is possible that certain assets might not be included in the will. If, for example, there are financial accounts, life insurance, or retirement accounts, then the beneficiary will likely receive the assets in spite of what is said in the will.
Third, young children will need to have a named guardian. If both parents have died, the court will decide who will receive custody. Having it in writing as to what arrangements are preferred can influence the court. Fourth, it is important to understand a revocable trust. This is also known as a living trust. It can be used to prevent the assets from being publicly disclosed.
Finally, many people try to handle the creation of a will on their own. In difficult circumstances, this can lead to trouble down the road. For example, people who were in a relationship but not married can have difficulty with the simpler wills. No matter the situation, estate planning is a serious endeavor and legal help can make the process less daunting.