New Yorkers who are concerned about how their property will be handled after they die should consider creating an estate plan. A basic estate plan may consist of a will, a living trust and power of attorney and can be used to protect loved ones by designating trust guardians for children and safeguarding assets. However, in order for an estate plan to be effective, there are some things that should be avoided.
A will that does not provide clarity about the creator’s intentions can result in legal issues for intended beneficiaries. People should closely review their will once it has been completed and verity that all beneficiaries are correct and that each will receive the intended share of assets.