New York fans of singer Aretha Franklin might not know that she died without leaving a will or any kind of estate plan. She had four sons, and they have filed as interested parties. Her niece has filed a request to be named executor of the estate.
Over the years, one or both of your New York parents may have indicated to you what they want and do not want when it comes to end-of-life medical care. Maybe their respective wishes coincide, but maybe each of them has different preferences. In addition, not only has medical technology changed in the past several decades, but palliative and hospice care also have become available. Consequently, the end-of-life care either of your parents said they wanted when they were younger may not be what they want now.
As people in New York consider retirement and their futures, they may also begin to think about estate planning. Over 70 percent of Americans do not have an updated will or other estate documents, including a number of people who are reaching retirement age. These documents can help provide peace of mind to the people who create them as well as make the practical aspects of death much easier for family members and other loved ones.
Since there are now many new types of assets available to New Yorkers, it's important to know how to account for them in an estate plan. For instance, those who have digital coins will need to find a way to grant access to executors and other designated parties. Currently, 42 states have laws allowing digital assets to be managed in a similar fashion to physical assets.
In long-term marriages where both spouses have the same assets, they tend to be invested in passing these assets on to the same family members. So, it may seem logical for their wills to look exactly the same.
New York residents may know that changes to the tax code could have an impact on an estate plan. However, there are steps that individuals should take to protect their wealth regardless of whether or not there are any significant changes on the horizon. For example, it can be a good idea to review a plan regularly to check whether beneficiary designations or terms of a trust need to be changed.