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 some people in New York may assume that only the extremely wealthy need to engage in estate planning, this assumption is false. Everyone should take the time to carefully plan for the resolution of their estate to ensure that their desires are carried out, should they be unable to manage their estate after experiencing a severe injury or illness.