New York residents should be aware that when they are working out a plan for retirement, estate planning is an important part that should not be overlooked. While thoughts of retirement tend to center around financial considerations, such as whether an individual can afford to retire or whether to keep the house or downsize, estate planning is part of that process.
Individuals in New York who are considering estate planning strategies may be surprised to hear that social media accounts should also be included in documentation. Furthermore, it may be beneficial for any account that a person regularly accesses to be included in their estate plan. The related passwords and account information should also be provided. Otherwise, loved ones may not be able to access important information, such as bank account details or credit card statements.
New York residents who are in their 30s may benefit from will planning in regard to their financial future. Such an estate plan can include the distribution of assets such as personal property, life insurance and annuities. Residents of the state may wish to consider a few key suggestions before moving forward with such a process.
Many people in New York carefully plan their finances for the future including the inheritance allocation. However, numerous people find the subject of discussing inheritance uncomfortable and difficult to approach. Elderly parents may avoid the conversation because discussing a death can be uncomfortable, and other family members might not want to appear greedy and insensitive. In many cases, many families do not discuss the issue.
Many New York residents do not have an estate plan set in place due to their single marital status or the belief that their monetary worth is too low. While some people who possess a large number of assets may need extensive trusts, estate planning at its most basic can include just a few documents that determine several key items. These documents could determine the fate of belongings, health care decisions and who should be deemed responsible for an incapacitated individual's finances.
There may be confusion for New York residents who view a will and a revocable trust as being the same. While the purposes are similar, the decision to use one or another of these estate planning tools can affect the time and privacy involved in settling an estate after one's death. In both cases, an individual may determine how assets will be distributed. However, estate administration is very different for trusts and wills. Whereas a will goes through the probate process, an effort which can often take months to complete, a trust may allow the probate process to be avoided.
Many people in New York and elsewhere think that estate planning can be insuperably difficult, with so many tortuous twists and turns that doing it right is just about impossible.
Do it yourself.