If you have never worked with an estate planning lawyer before, you may not be sure how they can help you or what they do. No matter your age, health situation, or financial status, an estate plan is necessary, and it is best to create one now, so that you know your wishes and desires will be carried out.
One of the biggest downfalls to not having an estate plan in place is that you will not have any say in what happens to your assets and items in the event you unexpectedly pass away. When an estate plan is absent, the state will decide where your assets go.
One of the biggest upsides to having an estate plan, besides deciding where your assets go, you can change it at any time, and you are not locked into any decision you previously made.
If you would like to schedule a consultation with an estate planning lawyer in NYC, now is the time to reach out to us. We are here to help you!
Documents You Can Expect Your Estate Planning Lawyer to Help With
There are several types of documents that can be executed under the estate planning umbrella. Below, we will discuss what those documents are.
A trust is a way for you to transfer your assets to someone who you designate as the trustee. For example, if you want your grandson to receive your wealth when you pass, you can setup a trust in his name.
Trusts are a nice option because they keep your assets out of probate court, and they can help you continue to financially provide for someone while you are gone.
There are multiple types of trusts and an estate planning lawyer can help you figure out which one is best.
One of the most popularly known documents is the will. There is no right or wrong age to have a will; however, you will want to have one in place.
A will is a document that describes how you want your property distributed when you pass away. You will assign an executor to your will and this individual will make sure the will is followed and your wishes are honored.
Many people create, at minimum, a will to ensure that their minor children will be taken care of, should something happen. Without a will in place, current law would determine where the children go.
Health care documents are completed when you plan your estate and they can include advanced directives, health care proxy, and similar.
These types of documents will help dictate and guide medical professionals on how you want medical situations handled. These documents will also name someone whom you trust to oversee your medical care and make medical decisions on your behalf.
Power of Attorney
The power of attorney document spells out who will act on your behalf and manage your affairs when you are unable to make decisions for yourself.