Estate plans can only be executed through legal estate planning documents. Estate planning involves preparing your last will and testament, obtaining the necessary document for medical or financial power for attorney and documenting your living trust. This process can however be less complicated when you plan alongside a New York estate planning lawyer.
What is estate planning?
Many people do not like to think about the ugly occurrence and inevitability of their death and so do not attempt to make plans towards it. Failing to plan for the future such as writing a will which would be your voice when you die, would cause more harm than good, as this would expose your estate as well as your loved ones to danger, as your property will be distributed according to the intestate laws of New York state instead of according to your own wish.
Estate planning refers to the planning and documenting of your wishes as to how you want your estate affairs handled when you become old and incapacitated, and the manner by which your property (estate) will be disposed or distributed to your surviving loved ones after your death.
Estate planning is a process of making many important decisions and plans over your future and that of your loved ones. Planning for the future is not always very easy task, likewise also, making arrangement for personal and financial affairs in order to keep you covered for unknown occurrences.
Major Estate planning documents
Last Will and testament
A will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children.
Trust are essential when planning your estate. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated.
Advance medical directive
Through an advance medical directive also known as a medical power of attorney, you get to designate a health agent to make medical decisions when you are unable to do so. This same document could be filed in court to should it be someone needs to be your guardian or conservator.
Financial power of attorney
Through this, you can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable.
Plan your estate with a New York estate planning lawyer
Rather than plan your estate alone or with someone who is totally not vast in the field, you should contact a New York estate planning lawyer. This will save you from simple, but yet costly mistakes, which could turn things sore for you and your loved ones.
A New York estate planning lawyer can help in the following estate planning areas:
- Preparing a Living Trust to avoid the probate process along with its hassles.
- Advising you on the best type of Trust to establish, such as an Irrevocable Trust.
- Preparing a valid Will according to the state laws.
- Preparing a valid legal power of attorney. You can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable.
- Distributing your estate to your beneficiaries in the manner you so wish.
- Help prevent guardianship for minors and those incapacitated. Through an advance medical directive also known as a medical power of attorney, you get to designate a health agent to make medical decisions when you are unable to do so.
- Drawing out the best and most suitable retirement plan.
- Establish a healthcare plan that suits your needs as well as help you file an advance medical directive. Through this, you can designate a health care agent or a trustee to make medical decisions for you when you become mentally incapable.
- Help you know when best to update your estate plan. (Your estate plan can always be adjusted so far you’re still alive.