When many people about estate planning, they often think that it is reserved for only high net worth individuals with millions of dollars and a sprawling family to whom they will distribute their assets.
Unfortunately, no one lives forever. As New Yorkers age, it is important to make plans for the end of their life. These plans should include retirement and estate planning. In spite of this, CNBC reports that 45 percent of Americans 55 years and older do not have a will.
Even if you have a relatively small estate, distributing assets to heirs is no easy feat. That's why knowing how to avoid common mistakes is so important. Doing so can save you money on taxes and legal costs, while also knowing your family will be well cared for after you're gone.
There are a variety of family law matters that couples encounter when they work through the end of their marriage. For those with children, stress may arise over child support or custody, while those with a high net worth may have an especially complicated divorce due to property division and other financial considerations. However, there are other ways in which filing for divorce can affect one's life as well. For example, those who have an estate plan may find that it is necessary to make changes as a result of their divorce.
You want to know that your estate is handled according to your wishes on your passing, and spent a good deal of time painstakingly drafting copy that reflects your wishes. Yet you have been told that according to New York law, your will may not be valid because it is considered a "holographic" will, dependent on the medium in which it is delivered. But what is a holographic will, and when is it considered binding?