People are advised to take time to think about all of the assets they own and who will end up with them when they die. Correct will execution in New York allows them to determine who will benefit from these assets, thus protecting both their assets and their loved ones. The question is, who is really considered a loved one for estate-planning purposes? One recent article addresses the question of who family really is when it comes to writing a will.
People often consider their children and grandchildren to be family when putting together a will. However, questions arise when considering daughters- or sons-in-law. Another debated area is whether to include step-relationships in the equation as well as exes.
In order to sort out these issues, people who are writing their wills should have family meetings to discuss these matters. Only 10 percent of people are successful in passing down wealth to the fourth generation. This is why will execution is so important: Without it, a family’s wealth can easily be lost. When putting together wills, people need to be flexible and take into consideration the closeness of family relationships when making final estate-planning decisions.
Will execution enables people to ensure that their treasured assets go to the right people in the event that they end up dying. These assets could include property, a business or bank account savings. With an understanding of modern laws related to estate planning in New York, a person can rest in peace knowing that his or her chosen beneficiaries will legally receive exactly what is entitled to them.
Source: Reuters, YOUR PRACTICE-Who is family when it comes to estate planning? , Beth Pinsker, Oct. 29, 2013