New York residents who have a complex estate or a blended family might wish to set up a revocable living trust. There are some reasons why this could be a good idea.
Basic estate planning for same-sex couples
Since the U.S. Supreme Court affirmed the legal status of same-sex marriage in June 2015, LGBT families in New York might find that their estate planning can now follow the routes taken by opposite-sex couples for years. To create a basic estate plan, a person should write a will along with a power of attorney and become informed about estate taxes.
Financial planning for a special needs child
New York parents may worry about the future of a special needs child, especially as they consider the life that child will lead after they are gone. An estate plan can help in preserving assets to address those needs, but failure to plan carefully could leave decisions and financial matters in the hands of the court system. Fortunately, some estate planning tools can help in minimizing these risks.
How a will might be challenged in court
New York residents may have heard of a person's will being contested but might not know what is involved in the process. A will can be contested after it is admitted into probate. There are strict time periods within which such a challenge can be mounted, and they vary among the states.
