It's not uncommon for people to have a need to amend their estate planning documents. However, it is important that the amendment is done correctly to ensure its validity. Changes should not simply be made in the margins of existing trust documents. Instead, any amendment made to a trust document should be made as its own separate page.
There are certain family situations that may lead New Yorkers to want to leave their children differing amounts of their estates. This may be because the parent is closer to one child than the other, or one may simply be less financially established and need more help than the other one.
Part of the purpose of earning money and acquiring assets in your life is to leave it behind to loved ones and causes that are important to you. There are a number of ways to do this. You can simply draft a will that says one person gets your car, another gets x dollars, and someone else gets y dollars.
When a New Yorker dies without a will, the manner in which his or her assets will be passed is determined by the state's intestacy laws. These laws provide a mechanism to pass assets to a person's closest living relatives regardless of whether the decedent wished them to be given to those particular people or in that manner.
New York residents may find that their retirement benefits provide the greatest amount of wealth that can be left to their heirs after they die. However, taxes and other issues can erode the value of such accounts, especially if any errors are made in the withdrawal of funds. Over time, there have been efforts to stretch out the benefits received by heirs, which can allow for a significant increase in the long-term value of such assets. Still, heading off potential losses may be a concern of people who are leaving those assets to their children or other heirs.