LONG ISLAND
| NEW YORK | VOL . 3
DO YOU HAVE AN UP-TO-DATE
ESTATE PLAN?
The first thing to understand is that writing a will and having an estate plan are actually two different processes, even though an estate plan will include a will.
Wills Creating a will can be a fairly simple process. It will address who will take care of your children, who will take over your business, and who receives your assets and other personal property. A will requires the naming of an executor responsible for fulfilling the deceased’s wishes. Having one’s wishes defined in a will ensures privacy, helps avoid family disputes and saves money by avoiding probate and the expense of attorneys and public trustees to determine the distribution of assets which then becomes public information.
Estate Planning Estate planning is the process of designating who will manage and distribute assets after death or incapacitation. It is a more intensive process and includes a variety of documents including the last will and testament. While it may be overwhelming to contemplate, a (. . .continued on page 18) 16
