Thinking about death can be scary for many New Yorkers, which is why many
people avoid talking about wills, assets, inheritances and other types
of estate planning that have to do with dying. The truth is that not having
an estate plan is even scarier. Therefore, instead of thinking of
estate planning as a way to deal with death, it is important for people to think of it
as a way to preserve assets.
Those who have a spouse and children will likely want them to be cared
for. An estate plan does this. Therefore, when estate planning, there
are several key things to think about.
For those who are married, the spouse is often the main concern. As such,
most people leave all their assets to their surviving spouse, with children
often acting as secondary beneficiaries. The surviving spouse can then
decide to distribute assets to the children.
Those who own a business have a decision to make. They may want to confer
with family member to determine if anyone can and wants to run the business.
The decision may depend on the success of the business. If the business
is not profitable, then it may be better to sell the business and use
the money for more profitable investments.
Those who have no family can still leave their assets to a favorite charity
or organization. The person's wishes should be outlined in a will or trust.
Those who die without an estate plan will have their assets distributed
according to state law. Although close family members typically get the
majority of the person's assets, it may not be what the person would
have chosen to do.
Source: The Epoch Times, "Why You Should Consider Making an Estate Plan,"
Arlene Richards, Jan. 17, 2013