It sometimes comes as a surprise to heirs just what they’ve inherited. An estate can be a murky thing, even for people who plan them, a New York Estate Lawyer reports.
A good estate plan should theoretically show everything a particular person owns, but this doesn’t always happen. The owner of the estate might not even know exactly what he or she possesses, or may not be entirely forthcoming about the details for whatever reason.
A New York Estate Lawyer notes a case in which the children of a supposedly wealthy man learned their father was actually not worth very much at all. They knew he had some valuables stored in a safe deposit box, but when the box was opened only some old papers were inside. “We never did find out what happened to them,” an attorney told a New York Estate Lawyer.
“Life is full of surprises,” a financial planner told a New York Estate Lawyer. “Nobody walks in and says to their lawyer, ‘I’m not telling you about the other $50,000.” There are any number of valuable things that may not ever get mentioned, for whatever reason. Maybe the adviser is not trusted, or maybe the estate owner just doesn’t like talking about money.
It isn’t unusual for trustees and executors to find something they didn’t know about a person and that person’s possessions, once the end comes. Sometimes, the estate itself can be a surprise – the executor can be named in a will or other documents without knowing ahead of time.
Your estate does not have to be a great mystery. A New York Estate Attorney can help you sort it all out. Put your life’s work in good hands by trusting a New York Estate Attorney
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