A power of attorney is a person you appoint to make health care decisions on your behalf. This might be necessary after a prolonged, life-threatening illness or if you've been involved in a serious accident and can no longer make decisions on your own. Because choosing the right person is crucial to your peace of mind, Very Well Health offers the following advice.
As you work through the estate planning process in New York, the potential for discord to arise amongst your beneficiaries will no doubt come to mind. The last thing that you want is to see your estate's administration cause a rift between those that you love. Being transparent with your actions and open about your decision as you are preparing your estate planning instruments may help to avoid beneficiary disputes. There is, however, no guarantee that someone will not be completely satisfied with their designated stake in your estate (or the circumstances under which you made its stipulations), and will not then decide to contest your will.
If you execute a will in New York, your executor will be responsible for distributing your property and wrapping up your estate. This is a big job. There are many factors to consider when choosing a person for this important role.
Having worked so hard throughout your life to accumulate the assets that will comprise your estate, one might assume that you would want to do everything that you can in order to ensure that you decide who receives them. Yet if you have not yet completed a will, then you run the risk of having the authority to determine the dispersal of your estate taken away from you. Imagine if your life in New York City were to unexpectedly end. What would happen if you still had not created a will?
You will work very hard throughout your life in New York to accumulate assets and properties with the hope of them one day benefiting your future generations. The thought of having to lose any of the overall value of your estate to taxes, then, may be quite disheartening. Yet an estate tax management strategy should be included as part of the estate planning process. With the proper preparation, you may be able to avoid paying estate taxes altogether.
People procrastinate for many reasons, whether they are going through a hard time at work or they have recently been through a tough divorce. Unfortunately, procrastination can make things significantly worse, and this is especially true with respect to estate planning. Some people may push off setting up an estate plan because they feel as if they do not have the time to create a will or trust, or maybe they are simply hesitant to think about such a difficult topic. However, this can lead to serious consequences, such as an estate being mismanaged in the future.
When you are planning your estate, you may be consumed with topics including asset protection, selecting beneficiaries and other common aspects of coordinating a plan for your future. While these preparations can give you peace of mind, they can also aid in helping you to continue to support your spouse even after your death. At Codispoti & Associates, P.C., we have helped many people in New York to articulate their wishes in a concise and organized estate plan.
Planning ahead to protect your estate in New York requires a lot of foresight and consideration. One decision to make is who will be the executor of your will and/or estate. While you may have the perfect person in mind, there may not be one who you think can handle everything. In these situations, naming a co-executor may be a smart move.
From tough decisions that have to be made while creating an estate plan to hurdles that surface once a loved one passes away, there are many legal considerations for people who are dealing with estate planning and probate matters. Unfortunately, some of these matters can lead to bitter disagreements that often involve family members, such as a sibling. There are a number of reasons why families in New York may run into these problems and in this write-up, we will look at how they can affect sibling relationships.
Estate planning and probate can be tough for many reasons, emotions can run high and all people involved may be confused about certain facets of the process. Setting up and modifying an estate plan can be tricky, but it can also be difficult for people to deal with an estate following the loss of their loved one. Not only is this true for executors, but beneficiaries may also face challenges. For example, an executor may fail to live up to his or her fiduciary duties, at which point beneficiaries and those concerned should look into their options and handle the issue promptly.