Many New York residents understand the importance of having a will. A will allows individuals to dictate how their estate will be distributed after death, and documents the testator's wishes regarding burial plans, care of minor children and other end-of-life issues. Unfortunately, some individuals think that a will is the only type of estate planning they need to worry about. This is often not the case.
New York residents should know that probate is a legal process that requires careful attention to detail as well as a strong knowledge of the correct legal documents that have to be filed. When individuals attempt to complete a probate on their own, they may inadvertently make a mistake that can cause a number of costly and time-consuming issues.
Finding someone to look after a parent or parents can be a difficult proposition, but it may be a more desirable alternative to a nursing home or senior living facility. If the parent(s) is/are essentially healthy, care may only amount to homemaker services where someone would drive, look after personal care, cook, clean, monitor medication consumption, do laundry, run errands, attend doctors appointments, and/or other day-to-day tasks.
It is fairly common for New York families to have at least one adult child who is not good with handling his or her money. In that situation, the parent might worry about leaving the child a large sum of money under a will.
For many people in New York, the property that they call home is their most valuable asset. Most homeowners would like to pass their home and the other assets that they have accumulated over their lifetime to members of their family in their will. However, a home that has significantly grown in value over the years may cut into a person's gift and estate tax exemptions and the beneficiaries' inheritance.