Are you looking for an estate planning attorney near you 14267? We are here to help. Our estate planning attorneys serve Buffalo 14267and throughout New York, providing clients with comprehensive estate planning services. We are experts in creating for you a personalized estate plan that provides you the best benefits. It’s important that your asset transfer process is efficient and cost-effective. Through proper estate planning, we can help you achieve that and more.
Combining basic estate planning documents such as wills, trusts, powers of attorney, and living wills, we ensure your interests are protected during life and after death, your wishes honored, and your loved ones financially secured.
Get started by speaking with one of our New York estate planning attorneys 14267. Call us.
Essential estate planning documents NY 14267
A basic estate plan in New York should contain the following documents:
A will, legally referred to as a Last Will and Testament, is a document on which you express your last wish regarding how you want your estate disbursed when you pass away. It is our duty to ensure your wishes are clearly and accurately written down using the appropriate terms as recognized by the court, since every will must pass through the probate court.
We also help ensure your document complies with New York requirements for validity.
For a will to be valid in New York, it must:
- Be written by a testator of no less than 18 years of age who is of a sound mind at the time of writing the will
- Bear the signature of the testator
- Bear the signature of at least two witnesses who must both attest to the presence of each other.
You are free to decide who gets a share of your estate. You should also name an executor to be responsible for carrying out your wishes. If you have minors, you can also name a guardian for them. Note your will only goes into effect at your death.
A trust is another powerful asset transfer document. It is a form of agreement between a trustor (i.e. you the creator) and a trustee to hold assets on behalf of the beneficiary. In a living trust, you can name yourself as the trustee, and use the assets to your own benefit. At your death, your successor trustee, who you must also name, will then manage or transfer the assets to your beneficiary as you have instructed. The advantage of using a trust is that it avoids probate and offers tax savings to an extent.
If your estate is complex, highly valuable, or you have property outside New York, we suggest using a trust rather than a will because probate would be more complex in such cases.
Also, trusts go into effect immediately they are funded with assets and can be used to transfer assets during life.
Power of Attorney (POA)
In a power of attorney document, you authorize a competent agent to handle your financial affairs on your behalf. Should you become incapacitated at any time, you would have someone making decisions and running your business for you. They are legally bound to always act in your best interest.
There are different types of Power of Attorney, viz.:
- Durable power of attorney: This document is durable in that your agent begins to act on your behalf upon execution and continues their roles even when you become incapacitated.
- Springing power of attorney: This POA goes into effect the moment you become legally incapacitated.
- General power of attorney: Your agent here has authority over all your affairs, including personal, financial, and medical.
- Limited power of attorney: Here, your agent has authority only as you have instructed in the document. They are limited by how much authority you allocate to them.
- Medical power of attorney: The medical power of attorney, also known as healthcare proxy, grants authority to an agent to make healthcare decisions on your behalf in the event you become unable to do so.
We will help you execute any of the above according to your needs and preferences.
A living will is a document on which you express your wishes concerning end-of-life situations. You can choose how long you wish to be kept on life support, to make organ donation, etc. When the situation arises, your wishes will be honored regardless of the fact you’re incapacitated.
Estate Planning Attorneys near me 14267
Contact us today to speak with one of our highly-skilled estate planning attorneys near 14267, Buffalo, NY.