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Discover the Power of Your Legacy: Mastering Estate Planning in New York
The Essentials of Estate Planning in New York Planning for the management and distribution of assets after one’s passing is a critical process known as estate planning in New York. This ensures that assets are distributed according to the individual’s wishes, minimizes estate taxes, and provides for family members or other beneficiaries. Here are essential components and considerations to keep in mind: Wills A will is a legal document that specifies how assets should be distributed posthumously. Without a will, assets will be distributed based on New York’s intestacy laws, which may not align with the individual’s desires. Trusts Trusts serve various purposes, such as avoiding probate, managing assets for minors, or earmarking funds for specific uses. For instance, a