Some people don’t find it appealing to put together a will, simply because they prefer not to think about death. Others say that they lack the time to do so. Meanwhile, others may feel that a lack of understanding of the process in New York is the issue. However, a few steps can help a person to embark on the road to proper estate planning, which will guarantee that his or her heirs will be left the proper assets in the event that he or she dies.
If a person decides not to put together an estate plan, the state of New York will automatically determine who will manage the person’s affairs and inherit his or her assets. In addition, the state will have to pick a person to rear any minor children who are left behind. Drafting a will allows the person to make choices on these matters on his or her own.
A will can be helpful for spelling out who will assume guardianship of children as well as who will acquire one’s property when one dies, particularly if no trust exists. The will can also name the individual who will ultimately be in charge of how one’s assets are overseen and distributed. It is important to have two individuals serve as witnesses for the will, as long as they are not beneficiaries of the will, and to sign and date this legal document.
Will execution may not necessarily be exciting for many, especially for younger people who may still feel invincible, but it’s important to remember that death is inevitable and can often occur unexpectedly. Having a will in place can give a person peace of mind, knowing that his or her assets are safeguarded long-term and that his or her family members will receive what they are entitled to upon the person’s death. Each person has the right to seek his or her family’s best interests through estate planning in New York.
Source: myfoxdetroit.com, Money Monday: The basics of estate planning, No author, Dec. 16, 2013
Ledwidge & Associates
