It’s disheartening thinking about a time when you will no longer be around for your loved ones. But death is inevitable, and the best we can do is to plan towards it. Making adequate preparations for the future gives us a certain degree of peace. And that is what estate planning brings.
Estate planning enables you to lay down your wishes so that when something happens to you, those wishes will be honored. Through estate planning, you can keep providing for that child, grandchild, nephew or cousin who depends on you. And estate planning also enables you prepare for sudden incapacity. But it all depends on how well you plan. By hiring the right Estate planning attorney, you can get the right plan that covers all your needs and worries.
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If you need an estate planning attorney near you in Buffalo, NY 14223, kindly call us today. Get a free first consultation with one of our estate planning attorneys 14223.
Essential documents for a basic estate plan
Will
A will is the simplest and most popular estate planning document. On your will, you name your beneficiaries and what portions of your estate you want bequeathed to them. If you have minors, we can also help you name a guardian for them — someone who would look after their property until they come of age (18) to inherit them.
Our fundamental goal is to ensure your will addresses your peculiar situation and goals. We use the right terms as recognized by the court, and ensure your will complies with NY laws for validity.
The downside to using wills is that the document must go through the probate court when you die. The probate process is often lengthy and expensive, especially when the estate being probated is complex or high valued. To ease things up for your family, we would help you execute a living trust.
Living Will
In your living will, you can make decisions on your preferences in an end-of-life situation. You can lay down your wish to not be kept on life support more than a certain period, etc. There are requirements, and we would ensure you are in compliance.
Revocable Living Trust
Relatively more complex than the will, a revocable living trust (or simply called a living trust) allows you to transfer property to beneficiaries outside of probate. This means the time and cost of probate are avoided. It costs more to execute a trust, but it is worth it in the long run. However, not all assets should go into a trust. With a proper understanding of your estate and wishes, we can combine a will and a living trust to simplify the asset transfer process while offering you and your loved ones the best benefits.
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.
Estate Planning Attorneys near me 14223
Looking for an estate planning attorney in Buffalo NY 14223? Look no further. Our estate planning attorneys are ever ready to give you the help you need. Contact us today for a free first consultation.
