Single parents in New York may need to create an estate plan that ensures that their minor children are cared for if anything happens to them. Even if the child's other parent is alive and would most likely take custody of the child, parents should still name alternate guardians in the estate plan in case there is some reason the other parent cannot step in.
The State of New York is the original trust decanting pioneer. The state enacted the first trust decanting statue in America in 1992.
Family dynamics may be one of the most challenging issues to consider when creating an estate plan. Issues such as siblings who don't get along or heirs who have trouble managing money are not uncommon regardless of how much money a family has. However, there are ways that individuals in New York and across the country can address the unique needs that beneficiaries may have. For instance, it may be possible to use a trust to help a child manage his or her inheritance.
When you are going into a marriage, it is vital to separate fact from fiction brought on by myths created by pop culture and other people's bad experiences. One common myth is that happy couples never argue, and that is simply not the case. Every relationship has tension at one point or another. What matters most is the ability you and your spouse have to resolve conflicts maturely.
A costly mistake New York residents may make when planning their estate is not designating the correct beneficiary for their IRA. This can result in hefty expenses and frustration for surviving family members.
People in New York who have blended families may want to consider a trust instead of a will for estate planning purposes. A will that leaves everything to a spouse could result in the spouse later cutting out the children from the previous marriage. This may happen because of malice but not always. Over time, the spouse and stepchildren might fall out of touch. The spouse might even remarry.