Have you some significant items or assets in your possession? Then you need to ask yourself questions like, “if I die tomorrow, who will these properties go to? How do I make sure that friend of mine and that charity foundation continue receiving financial support from my wealth when I die? How sure am I that my loved ones will receive my full estate without having to first write a big fat check to the state as payment for estate tax? What about my minors, who will take care of them? If I suddenly become incapacitated, who will manage my estate on my behalf?” All these are questions which your estate plan will give answers to when done properly. It therefore means that taking steps to create an estate plan is just the right thing to do. And surely you are on the right track by searching for a New York estate planning attorney near you in Brooklyn 11208.
We give you peace of mind through proper estate planning
While some persons can draft a simple will themselves, an estate planning attorney will discuss the above questions with you and knows the right legal strategies to adopt and documents to establish in order to give you peace of mind. These documents provide an all-encompassing approach in ensuring that your wishes are carried out when you become incapacitated or deceased, and that risks and taxes are minimized. It is vital to consult a highly knowledgeable estate planning attorney 11208 Brooklyn. You can get one from our law firm by contacting us today.
Our expert team of estate planning attorneys will not only walk you through the creation phase but can also work with you long-term to review your estate plan periodically if it meets with your current situation, estate goals, and NY laws. This is because your assets would most definitely change as would your family. You therefore need someone with experience and an in-depth insight into estate planning, and this we are reputable for. We put your best interests first.
Essential Estate planning documents to include in your estate plan in Brooklyn
A will is invariably the most popular estate planning document and also the simplest. In fact, when some people think about estate planning, the first thing their mind goes to is a will. Formally called a Last Will and Testament, a Will should contain your last wishes concerning how you want your estate disbursed when you pass away. In it, you allocate specific assets to as many beneficiaries as you desire, naming them accordingly. You should also appoint an executor to carry out those wishes. If you have minors, you can name a guardian for them. However, Wills are not always sufficient for everyone. This brings us to living trusts.
- Living trust
A living trust is a kind of trust which can be altered or canceled at anytime. For people who do not wish to put their loved ones through the stress and expenses of probate, they create trusts instead of a will. It also provides tax advantages and privacy, things you would not get from a will. A trust can also be used to hold assets for minors.
- Durable power of attorney
The next on the list is a durable power of attorney (POA). This document is used to prepare for incapacity. In it, you name a trusted agent to take charge over your estate and make financial decisions on your behalf when you become unable to do so yourself. Should you become incapacitated at any time, the POA goes into effect and the agent acting on your behalf prevents your estate from suffering losses.
- Medical power of attorney/Healthcare proxy
Like the financial power of attorney, a medical power of attorney is used to appoint someone to make healthcare decisions in your stead when you are unable to make them yourself.
- Advance healthcare directive
This document is also known as a living will but should not be mistaken for a last will. It is used to express your wishes for healthcare during serious health conditions like a terminal condition that leaves you in a vegetative state.
Take note, you must establish each document while you are still fully competent as their validity is based on this. As no one knows what tomorrow brings, today is the right time. Contact us to speak with an estate planning attorney near 11208.