Issue 1: Making a Will. If you have an estate plan that is largely based on one or more trusts, you still need to make a Will so you can select your choice for your child's guardian. While you can still use trusts and name the child as beneficiary, the guardian nomination must be specifically stated in your Will. If you don't yet have a Will, you need to get started right away. Issue 2: A guardian has to be qualified. A legal guardian in New York must be at least 18 years old and must either be … [Read more...] about Choosing a Guardian For Your Children in New York – 3 Issues
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A Digital Legacy – Online Asset Estate Planning And You
It typically takes some time for the law to catch up to changes in technology and society. For many of us, we have online profiles, accounts, or bill payments that play a major part of our life. But how do we take care of these assets if we are incapacitated or transfer them after we die? It's a question that we need to address carefully when developing an estate plan. Part 1: Reviewing Your Online Existence. What do you have online? Is it a Facebook account or a Twitter account that you don't … [Read more...] about A Digital Legacy – Online Asset Estate Planning And You
Why Creating Your Own Will Can Go Horribly Wrong
A quick internet search will reveal any number of online will preparation aids that claim they can help you make your own will cheaper and faster than you could if you hired an attorney. They are correct. Making your own will using a software kit or do-it-yourself guide will be much cheaper and faster than it would be if you go through the process of hiring a lawyer to help you do it. But faster and cheaper doesn't mean better. Here's why. Reason 1: The software is out of date. The law … [Read more...] about Why Creating Your Own Will Can Go Horribly Wrong
3 Estate Planning Myths That Can Hurt You
Myth 1: Only rich people need, or can afford, an estate plan. This myth comes from the idea that only people with lavish homes, lots of money in the bank, and long lists of personal property can afford to hire an attorney to design an estate plan. People with fewer possessions don't need to worry because there isn't much to distribute anyway, right? Wrong. Everyone can benefit from a good estate plan. Even if you only want to make sure your medical choices are followed, or that you want your … [Read more...] about 3 Estate Planning Myths That Can Hurt You
A Danger, and a Benefit, of Online Estate Planning
When it comes to estate planning, the Internet is both a wonderful resource and a significant hazard. There is a lot on the Internet, and not all of it is useful, helpful or even correct. While you should take the time to use the Internet to your advantage, you shouldn't solely rely on it, or use it as a substitute for the advice that only an experienced attorney can provide. Benefit: Education. The Internet is home to more information than any law library in the world. Your state's … [Read more...] about A Danger, and a Benefit, of Online Estate Planning
