Some people think that estate planning is complex and will cause family disputes while others simply do not want to think about asset distribution. Unfortunately, too many New York residents die without wills, a health proxy or power of attorney in place. The National Association of Estate Planners and Councils explains that it is important to have a living will and trusts in place not only to preserve assets but also to make estate administration and asset distribution easier on the family.
According to a recent survey, around 71 percent of individuals under the age of 34 do not have wills and 41 percent of Baby Boomers do not have them either. While preparing a will can be hard, it is essential for the majority of individuals. A will may help avoid potential disagreements among family regarding asset distribution. By preparing a will, individuals may be able to make their wishes known and ease the process of inheritance.
While creating an estate plan in New York, the objective should be to leave as few loose ends as possible to make the distribution of one’s estate as simple as possible. Items such as houses and real estate may be obvious items to include. But smaller possessions, especially those with little or no monetary value, should often also be considered.