Many people in New York, do not except to be placed in a situation where their life may be cut short. Whether people are the recipient of a terminal medical diagnosis or are involved in catastrophic collision, they may find out that they do not have much longer to live. If this type of situation should occur, it may be best if people prepare their estate in such a way that their family members will have everything they need when they are gone.
One of the most important things is to get organized. People should make sure they have critical documents, including their last will and testament, financial account information, real estate, insurance policies and estate information, in one place. Contact information for lawyers, financial advisors, accountants and insurance agents should also be included.
There are different programs and options that allow people to invest their money in a way that will minimize the amount of taxes taken out. Furthermore, it may be beneficial to pay off the mortgage and other debts that could transfer over to remaining family members.
People may want to designate a beneficiary who will oversee the estate once they pass. It is important to notify the future beneficiary and make sure they are up for the position. Having an estate administrator in place may simplify the process of distributing possessions, money and estate to heirs.
Although people may not think of what will happen to their property and finances once they pass away, it is helpful to have everything organized just in case an unexpected event should occur. An attorney in New York may be helpful in exploring your options and answering any questions you may have regarding estate planning .
Source : CNBC, ‘ When end-of-life planning is suddenly a lot closer than you thought, ’ Jill Cornfield, Jul 18, 2018.