Whether a New York resident is single and childless or on a third marriage with multiple children from previous relationships, having an estate plan is important. While many documents may be involved in an estate plan, there are three that are essential to everyone.
Some New York residents might think they do not need an estate plan because they have no children or close relatives or because their only close relative is a spouse. However, there are a number of other reasons to create one.
Many people wishing to leave their family home to their children after their death make their children joint tenants to the home. These people wish to avoid the time and expense of probate. As joint tenants, the children are considered part-owners of the home and upon the death of the parents, share equally in the home.
While creating and occasionally reviewing and modifying your estate plan is always a good idea, there are certain circumstances that may arise that make getting your affairs in order an especially good idea. Once you have your first child, for example, it may become particularly important for you to clearly dictate your wishes and plan for what would potentially happen to your child and affairs should something happen to you.
The way digitization has changed the world has brought new challenges to estate planning. Best practices and the laws pertaining to digital assets often lag behind technological advances. New York residents may be interested in learning why protecting digital assets is just as important as protecting physical assets.
We live in the age of DIY. Our culture encourages people to tackle projects on their own. This phenomenon ranges from home improvement to estate planning. There is a wealth of online tools and information about estate planning. This may make it tempting to bypass a lawyer and do your own estate planning. While a DIY estate plan may seem convenient and affordable, it has plenty of drawbacks.