When you’re enjoying your life in New York, you may not be thinking about the future and how your assets will be divided after you pass away. Unfortunately, this mindset can lead to family quarrels if it isn’t addressed. Creating an estate plan solves this problem by providing a legal document stating your wishes.
Dividing assets equally is essential
If you have more than one child and several possessions, creating an estate plan can help ensure there is a peaceful division of your assets after you die. Communicating your wishes in a legal document can be critical if you have a business, property, stocks, bonds and other valuables. For example, if one of your children has a significant role in operating your company, it may be best to give that child this asset. Doing it in advance with an estate plan is critical. Giving an equivalent value in stocks and other assets to other children helps make giving your business to one child fairer, and reduces the likelihood of family tension in the future.
Appointing the right executor can be critical
In the process of creating a will, you’ll need to appoint an executor for your estate. Your executor(s) will be entrusted to gather your assets and distribute them according to the estate plan you’ve created. Taking your estate through the probate process can be tedious.
Considering the significance of this role may lead you to consider naming a relative or close friend rather than your children. Doing so is another way to ensure there isn’t any bickering between your kids.
Taking the time to account for your assets and state your wishes legally as to how they should be distributed when you pass away should help make the process peaceful when children are involved.