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.
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.