It is never easy to watch your parents get older. Facing the fact that your parents are aging may feel uncomfortable and intimidating. However, it is important to face this issue head-on and have some conversations with your parents about their finances and estate planning.
It is important that estate holders select the best tools to carry out their estate plans. For those estate holders with large or complex estates, trusts are often beneficial options to keep assets from being tied up in probate.
Beneficiaries are a major focus in your estate-planning strategy, and you want to make sure that upon your death the transfer of assets to them will be handled smoothly.
If you are like many New York adult children who are helping their parents with estate planning issues as they age, you likely have talked to them about making their Last Wills and Testaments. If they have not yet done so, however, it will be helpful for you to know about New York will contests so you can help your parents avoid one.
Planning for the inevitable is not a very pleasant thing to think about. But if you fail to prepare for when your time will be up, your assets may not pass on to your heirs how you want them to. Not only can estate planning maximize the value of your estate, but it gives you the opportunity to make decisions about what will happen to your assets.
People need to keep close eyes on their wills throughout the years. Financial abuse related to wills has become increasingly common, and adults need to ensure they update their wills periodically even if no major life changes have occurred.
In many cases, a probate is essential to a will. The probate is the process that orchestrates the fulfillment of a testator's wishes for the distribution of assets.
Aging comes with unpleasant worries that seniors must face in order to secure their future. Even if they have already completed their estate plans, that is not the end of the process. Any time there is a significant change in life circumstances, seniors must update the plans for the best outcome for themselves and their loved ones.
In order to be valid, a New York will must meet certain legal requirements. One of the most important issues is the testator's mental capacity.
During your later years, your pets have been a great source of love and comfort. The last thing you would want for your beloved dog or cat is to have to surrender it to an animal shelter if you are unexpectedly unable to care for it.