When New York family members have concerns over the contents of their loved ones' estate plans, it is not unusual for legal action to result. In some cases, will contests can help surviving family members ensure that any information in the documents reflects the true wishes of the deceased. It is also possible for such contests to arise when new documents are discovered.
Making investments can often help New York residents earn extra income, and in many cases, their investments can prove lucrative. In particular, some parties may be interested in real estate investments, and this interest could help them in numerous ways. Of course, it is important to understand viable investment options, especially for those just getting started in this area.
Establishing an estate plan is an important but often overlooked step to take at any point in one's adult life. Like many, your parent may have started with a will or power of attorney then added to the plan as your family grew or when other changes in life's circumstances warranted a change. Your parent made sure to update the beneficiaries and trustees periodically, but did he or she protect those assets named in the will or funded to the trusts?
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.
After a loved one's passing, many surviving family members hope that the individual will be laid to rest and find some sort of peace. What this particular sentiment means can differ from person to person, but some New York residents may feel as if loved ones are still experiencing unrest if their final affairs have not been properly handled. A half-sister to the late musical artist Prince has expressed such sentiments as probate litigation over his estate continues.
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.