New York residents with significant art collections may want to think about the estate planning process. While there's often a significant financial value in art investments, most buyers develop a collection due to aesthetic and personal tastes. As such, a collector may think of their artwork as a treasure to enjoy during life rather than a legacy to handle as part of an estate plan. However, when one does not make advance decisions about what to do with their collection after death, they may leave behind serious problems for their family.
It is important to revise and update an estate plan after major life events, and a divorce is one of them. New York residents should give a copy of the divorce agreement to the attorney who is assisting with the estate plan because they may still have certain obligations to an ex-spouse.
When you were young, you probably did not give much thought to estate planning. After all, many New York residents wait until they reach middle age to begin the process. Failing to adequately address your end-of-life wishes, though, could leave you unprepared for medical emergencies.
Getting an estate plan together may be a New Year's resolution for some people in New York. To start, an estate planner will need a last will and testament. This directs assets to beneficiaries. Before creating a will, however, one should review their assets and address any issues related to property ownership or other unfinished business.
Having insurance is a good choice to make, but selecting the right provider is even more critical. The wrong insurance provider may not provide the full coverage you or your loved one need when the time comes.
An estate plan can be beneficial to anyone who lives in New York, regardless of their age or level of wealth. The first step in the process is to create an inventory of assets that may need to be transferred upon passing. These assets could include life insurance policies, the title to a car or the title to a home.