Any information that a New York resident stores online could be considered a digital asset. It is estimated that the average American has $55,000 in assets that are held online. At any given time, a person can have up to 100 or more accounts that are secured by a username and password. Examples of online properties include email accounts, bank accounts and social media profiles.
Many New Yorkers might think that a will is a sufficient document for passing on assets to loved ones. However, a trust may be a better instrument in some situations. With a revocable trust, the creator has a lot of flexibility. An irrevocable trust gives the creator, or grantor, less control. However, this instrument may have uses not provided by a revocable trust.
Creating an estate plan can be an intimidating process. You may not understand how estate planning works because of widespread misconceptions and myths. Without the right advice and knowledge, you can make mistakes that result in financial and legal issues.
Many people living in New York have taken the time to write a will and make end-of-life preparations. However, there may be one area that these individuals have overlooked: beneficiary designations.
New York residents might know the late Lee Radziwill as a style icon, princess, socialite or the younger sister of Jackie Kennedy. The way she handled her estate could be used as an example for others.
You may not know a lot about the probate process. After all, it is not natural to want to learn about things that happen after we or our loved ones die. That said, it is helpful to know the basics about how probate works, so you know what to expect.
Parents in New York who have children with special needs may face particular challenges when it comes to estate planning. Parents have a few different options, but in most cases, a trust can be useful.