Disputes may be one of the most commonly overlooked estate planning concerns in the Greenwich and White Plains area. While the likelihood of disputes in lower value estates is not common, they happen frequently in high-value estates. You should never assume your loved ones are going to quietly and amicably accept your last will and testament.
You might not look forward to thinking about what will happen to your wealth and assets after you die in Greenwich, but it is a necessary task. You do not want the state to control who receives them. Though you may expect to live well into old age, there is no promise of tomorrow. Your health can change at a moment’s notice and with it, your ability to manage it.
When a person leaves a trust or inheritance to a loved one, there are certain rules and regulations that govern the trust. In fact, some cases may require estate litigation.
As we get older and our assets accrue, our focus will shift from the daily minutiae of life to protecting all that we have done over the course of our lives. This is the main goal of an estate plan, allowing individuals to protect their assets, property, and businesses from the probate process and excessive taxation. It also allows the grantor to ensure that their family members, loved ones, and beneficiaries receive what they want them to receive.
Though it does not happen often, there are certain situations where a testator may have more than one will for an estate. In such cases, beneficiaries may find themselves on opposite sides of a will contest.
A succession plan is an important plan for any business owner to have in place. Not only can it help to secure the business and provide a smooth transition of power, but it can also set retirement allotments for the owner, as well as secure payment for the family when the business owner dies.
You put a lot of thought into making a will that disposes of your assets in the way you deem appropriate. There remains one more step to ensuring the carrying out of your will's provisions: appointing the right executor.
It seems that the more money and wealth you have in Greenwich, the more problems that come with it. When it comes to estate planning, if you do not plan things out right, your loved ones could end up with far less than you intend for them to inherit due to taxes and other expenses.