A living trust is a powerful testamentary tool that can help a Buffalo resident achieve many of their estate planning goals. While this post will address many of the advantages that individuals may derive from using living trusts, readers should note that not all estate plans may need or benefit from them and that all individuals should contact their trusted estate planning attorneys with their questions about the use of living trusts.
Estate plans and the documents that are included in them often focus on what will happen to an individual's assets after they have passed away. These plans are undoubtedly important as they help to ensure that Buffalo residents' wishes are honored after they die. However, when drafting their estate planning documents New Yorkers may also want to include some plans for what should happen if they are alive but can no longer make decisions for themselves because they are mentally or physically incapacitated.
The New Year is right around the corner and residents of Buffalo may be busy making resolutions and plans for 2019. While most people will focus on making changes to their lifestyles that will introduce health and happiness into their lives, everyone should be taking into account an important consideration about the future: their estate plan.
A Buffalo resident who is just establishing their career or who has not taken the plunge into marriage or parenting may not feel as though an estate plan is important for them to create. Even individuals who care for dependents may not worry about the future of their estates if they perceive their incomes and property holdings to be minimal. These assumptions are generally not accurate, and it is to the benefit of individuals of all life scenarios and financial stations to create estate plans that reflect their wishes and desires.
Most New York residents understand the purpose of having a will. A will is a testamentary document that spells out how a person wants their property distributed when they pass away. A will can also describe how and who may have the right to support the deceased party's kids in the event that the children are left without parents.
With estate planning and probate in New York, there are a litany of rules that must be followed. Some have terms and requirements that can be confusing to a great many people. However, understanding them is crucial to the process and failure to do so can be a major hindrance. One such law that must be understood with estate planning is the voluntary administrator and how circumstances impact who it will be. This can differ depending on whether the person had a will (was testate) or did not have a will (was intestate).
It is common to see news stories of people in dispute over an estate in New York. In some instances, it will be due to the decedent dying intestate and not having a will at all. In others, it is because the estate planning and probate did not yield what many heirs and prospective heirs expected to receive. To avoid any rancor and confusion, drafting an estate plan should adhere to the law. Knowing the basic requirements to creating a will and how it can be created is a key factor in its validity and effectiveness.
New Yorkers who are debating whether or not they need a comprehensive or even a basic estate plan should pay attention to the news and stories of prominent people who choose not to formulate these documents. It is frighteningly common for people of significant means to fail in estate planning and leave many questions for family members and potential heirs after they have died. One recent case in which estate planning and probate has come to the forefront is with the death of singer Aretha Franklin.
When a loved one dies in New York State, there will be many issues to navigate. Different people will have different roles in handling the probate and administration of the estate. It is important for people who have been entrusted with certain duties to know what they are supposed to do and how they can best fulfill their responsibilities. One issue that will come up is the role of the fiduciary of the estate.
Buffalo residents who are taking the initiative and preparing for the future by having an estate plan should be aware of certain factors that will affect the process. Knowing the difference in how the estate is classified under the law is one key that should not be ignored. This is especially important with estate planning and probate as it will influence how the case is filed whether there was a will, other estate planning devices and more. Knowing what a small estate is and who will fall into this category is a foundational aspect.