Stan Lee fans who live in New York may know that the comics creator was involved in some controversy at the end of his life related to his assets. He reported $1.4 million had been stolen from him at one point, and he also had a dispute with his daughter. He signed a notarized document accusing her of befriending men to take advantage of him and later took it back.
For many New York residents, estate planning is a relatively straightforward process. In most cases, individuals will need to make sure that their documents are easy to access and review their beneficiary designations every so often. However, people who have business interests or complicated estates may need more help managing their affairs. Estates may also be harder to manage if an individual experiences cognitive decline.
When it comes to estate planning in New York, many people do not realize how debt can affect their preparations. Though they are taking measures to preserve and transfer their assets to their heirs, there are special considerations you may want to include in your plans to protect your assets from potential creditors.
New York residents who are creating an estate plan might find that while passing on certain assets, such as cash and stocks, is relatively straightforward, dealing with some other types can be far more complex. So-called "hard" or "illiquid" assets such as jewelry, art collections or property might present difficulties regarding value as well as who to leave them to and in what manner.
Perhaps you have a special possession you would like to leave to your youngest grandson. It may be a sentimental object like your high school yearbook or something that will grow in value, like a baseball bat signed by Joe DiMaggio and his Yankee teammates.
New York residents who are beneficiaries of a trust must generally be given information about the trust from the trustee. However, the scope of what must be revealed may be limited in a silent trust. Silent trusts are irrevocable trusts, and they are designed to prevent younger beneficiaries from knowing what is in them. Information about the trust may be withheld from beneficiaries until they reach a certain age or after a certain amount of time has passed.
New York residents should make sure that they have an estate plan consisting of a will and a durable power of attorney. Those who aren't sure of how to create those or other documents should ask for help in doing so. Ideally, individuals who have a complicated estate should create their plan with the help of an attorney. While this may cost more, it will generally mean that a plan is created properly.