Many New York residents who diligently plan their estates tend to overlook some important things in their wills. One of the most crucial elements that a lot of people forget to include is an alternate beneficiary. In the event that the primary beneficiary is deceased or unable to inherit assets because of their age or mental capacity, a will must leave instructions for a backup plan.
It is very important for New York families to stay abreast of the changing estate planning laws. When a couple has a large estate, there are many federal estate tax rules that could have an effect on the way that they structure their estate plan. Right now for instance, each person is allowed to pass $5.43 million to heirs tax-free.
New York residents familiar with estate planning might know the purpose of an executor. An executor is a representative who is appointed under a will to handle a person's estate after death. An executor makes sure one's wishes are met and receives a stipend from an estate for services.