Estate Planning

Basic Estate Planning Documents

Basic Estate Planning Documents

Estate planning aims to achieve a number of objectives including, but not limited to, designation of guardians, incapacity planning, asset protection, asset distribution and wealth maximization. It may involve various legal and financial instruments as well as complex tax planning techniques and strategies. However, it all starts with the following basic estate planning documents: 1. Last Will and Testament Last will and testament, or simply the will, is a document which leaves the estate of the testator to named individuals and organizations. “Testator” is a person who signs the will and...

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Is a Joint Will a Good Idea?

Is a Joint Will a Good Idea?

A joint will is a will that two or more people make together, rather than each making their own will individually. In practice, a joint will is typically created and signed by a married couple in order to dispose of property that they own together. This may seem like a good idea: why write two wills when you can simply write one together? However, joint wills can raise potential complications. Couples often create joint wills to prevent each other from changing their mind after the first spouse dies. It is important to note that a joint will shall only be binding on the parties if the...

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What to Discuss with a New York Estate Planning Attorney

What to Discuss with a New York Estate Planning Attorney

Estate planning can be overwhelming for many people, in part, because good estate planning involves planning not just for foreseeable circumstances, but for unforeseeable ones as well. Below are several different topics to consider discussing with your New York estate planning attorney. Last Will and Testament Results from a recent AARP survey indicate that 41% of baby boomers and 71% of people under the age of 34 do not have a will. Likewise, many people who do have a will do not keep it up-to-date. It is important to revisit a will after an important life event, such as a birth of a child...

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5 Reasons You Do Not Have an Estate Plan

5 Reasons You Do Not Have an Estate Plan

Most people realize that estate planning is important, but nevertheless procrastinate getting it done. Below are some of the most common excuses for delaying. 1. I am too young It is common for estate planning professionals to say that one is never too young to plan his or her estate. I, however, believe that age alone is an inappropriate indicator. It is a combination of someone’s stage in life and their personal beliefs that should be taken into account. A wealthy, elderly lady with no family may not care one bit about what happens to her assets, while a young college kid could be worried...

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