Lives change as the years go on, and so do people’s family and financial situations. And with constant change, people must often continually consider what would happen in the event of an untimely death. Financial asset disposition is not the only issue with an estate plan; there are many legalities associated with death in New York. Creditors and tax collectors will be focused on getting their due as well when many estates go into probate. Dealing with these potential issues are serious considerations for anyone, so it is always good to reevaluate an estate plan at the first of each year.
One of the first concerns of many individuals when establishing estate plans will be who would inherit their assets in the event of their deaths. Not only can minors be included in the receiving group, but the disposition of those children could also be an issue to address. It is important to evaluate all potential inheritors when estate planning because the final result when New York state law is applied in probate may be undesirable.
Avoiding the probate process
One of the primary goals of crafting an effective estate plan is avoiding the probate process completely when possible. This can be done in a variety of ways, but particularly by establishing trusts that can hold assets as property allowing those assets to pass outside the probate process. In addition, third-party claimants cannot attempt to claim a portion of the assets that would otherwise be exposed at death.
All New York estate planning attorneys will advise clients that these are two central issues anytime an estate plan is being devised. Always remember that any change in asset levels or family dynamics should generate a reconsideration of any estate plan, and you can contact an attorney who may be able to help you with the logistics.