When creating an estate plan, it's important to make sure that the wills and trusts are completely functional. Unfortunately, many New York residents drop the ball somewhere in this phase of the planning process. This can create problems for those handling the decedent's estate. A common sense approach to these issues can avoid unnecessary delays and expenses.
Individuals who are planning their estate in New York may have an easy time figuring out how to include assets like money, stocks and bonds in their plan. "Hard" assets like jewelry and artwork can be more difficult to include because they can't be easily divided among beneficiaries, and their value is more difficult to determine. It is important not to overlook these types of assets even though they can make an estate plan more complex.