It is not unusual for people to want to spend their retirement years abroad or invest in foreign property for use whenever they please. Of course, this type of move requires a considerable amount of consideration and financial planning to ensure that important details are not overlooked. Additionally, New York residents looking to spend their later years abroad may want to make sure they keep estate planning in mind.
In a best-case scenario, a loved one would have left behind an estate plan for surviving family members to follow during probate. Of course, even careful estate planning may not always address every detail of an estate, or it may not account for the possibility of conflict among family members. As a result, it is possible for New York families to face probate disputes.
A New York family who has lost a loved one understands the importance of having clear documents by which they can understand the wishes of the deceased and settle his or her estate appropriately. This process is significantly more difficult when a person does not have a will or fails to update his or her will after significant life changes. Estate planning is an ongoing process, and documents should be adjusted when major life changes come along.
Many New York residents may have purchased various assets outside of the country, or they may have a different country of origin and left some assets behind while building a new life in the United States. No matter the case, it is important that individuals remember their foreign assets while estate planning. If they do not, their families may have a difficult time accounting for and obtaining those assets later.
Building a life with another person is not always an easy task. In fact, it may take some individuals more than one try to find the person they want to spend the rest of their lives with. When New York residents do marry for the second or subsequent time, it is important that they also consider how the remarriage will influence their estate planning options.
Most people create a will in efforts to get their affairs in order and possibly to protect certain assets. However, if the proper estate planning steps are not taken to create the document, it is possible that it could be considered invalid. As a result, serious legal issues could come about.
Getting started on an estate plan is often something that New York residents think about but do not necessarily act on. Individuals tend to have many reasons for not yet planning, but in reality, it can prove immensely detrimental to delay estate planning for too long. Some people may simply believe that they do not need the plans, but that is a common misconception.
There are many legal aspects associated with closing an estate. Many New York residents likely know that probate is the process that finalizes a deceased person's affairs, but a number of individuals also think the process is one that should be avoided at all costs. However, probate does not have to be viewed in that light, and estate planning can help individuals determine whether using the process could suit their desires.
When getting final affairs in order, New York residents will need to appoint various people to different roles. Whether these individuals will carry out duties before a person's death or after, it is important that parties considering their appointments understand the different positions they may come across while estate planning. No one wants to give just anyone a great deal of responsibility, so knowing what certain roles entail may help with decision making.
After a loved one's death, it is common for surviving family to have concerns over what will happen to the decedent's assets. Hopefully, the person will have created an estate plan that gives at least some guidance on property distribution and other important information. It may also help surviving loved ones to understand probate and how assets are distributed.