Life insurance can be a tool for people in New York to help them plan for the future. As the youngest members of the baby boomer generation will turn 55 in 2019, many are turning their thoughts to estate planning, including how to pass on their property to their loved ones after they are gone. Life insurance can help people transfer wealth and plan for the future on multiple levels. According to some studies, 42 percent of baby boomers don't have an estate plan in place. Many more who do have wills in place have not reviewed the documents in years.
New York residents are strongly encouraged to have a will as part of their estate plan. In some cases, the will itself will be sufficient to accomplish a person's goals. However, there is a chance that more than just a will is necessary to create a proper estate plan. It is essential to understand that there are many different ways to transfer assets such as using a beneficiary designation or payable on death designation.
Creating a will is a great start to your estate plan. If you have simple assets, this may be enough for you. However, more documents are often necessary to get the most out of the estate planning process.
When individuals living in New York establish an estate plan, many of them opt to designate a trusted friend or relative with power of attorney. Power of attorney allows an appointed individual to act on behalf of somebody who is no longer able to make decisions for him or herself.
Situations in which long-term married couples die with a short time period of one another bring up a number of estate planning issues. Couples in New York who have been married for a long time should be aware that it can make the administration of their estate more difficult for surviving loved ones. The way the estate has to be handled will depend on the time in between the deaths of the spouses and their specific estate plan details.
A big hit in the 1980s and 90s, “The Golden Girls” is making a resurgence in syndication. Hardly a day goes by when you cannot turn on the television to see Rose, Blanche, Dorothy and Sofia working through the sort of everyday events that elderly women face. Estelle Getty, the actress who portrayed Sofia, was notoriously afraid of dying.
Many New York residents have a difficult time thinking about dying. However, failing to plan for what happens after passing can leave heirs and other surviving friends and family members with a lot of questions to answer. It could also lead to squabbles between siblings or others over how assets should be transferred or shared. For example, a beneficiary designation trumps any language in a will or trust.