While many people in New York intellectually understand the importance of estate planning, many fail to take action. As a result, many New Yorkers lack even basic documents that indicate what they want to happen to themselves and their assets after they die or become incapacitated.
Debunking 4 myths about wills
People need to keep close eyes on their wills throughout the years. Financial abuse related to wills has become increasingly common, and adults need to ensure they update their wills periodically even if no major life changes have occurred.
Bitcoins can be part of an estate plan
New Yorkers who are invested in bitcoins and other cryptocurrencies may be concerned about the future of their investments after their death. Because these are relatively new developments, many investors have not yet accounted for them explicitly in their estate planning documents. Yet digital assets, from personal profiles on social media sites to online accounts in cryptocurrencies, can be some of the most important ones a person owns.
How the tax law may affect some estate plans
Since tax reform passed in December, some people in New York might want to revise their estate plans to reflect the change in estate tax. While this is a change that will only affect very wealthy people, even those who do not need to worry about estate tax may want to review their plans. It is a good idea to look over a plan periodically and make sure it is still consistent with a person's goals, assets and relationships.
Wills and the probate process
In many cases, a probate is essential to a will. The probate is the process that orchestrates the fulfillment of a testator's wishes for the distribution of assets.
Including art collections in an estate plan
People in New York who are art collectors may want to include plans for their collection in their estate plan. Collectors may often procrastinate on dealing with art in their estate plan until it is too late. This could be because the collector is undecided as to who to give the collection to, but this can lead to estate tax for the family and conflict over what happens to the art.
Approaching estate planning the right way
As is the custom each New Year's Day, individuals around New York will take some time to reflect upon the resolutions they have made for 2018. Estate planning happens to be one of those life situations that are seldom considered as New Year's resolutions, and this can often result in costly mistakes that can be avoided with adequate legal strategies.
