In your estate plan, the following estate documents are necessary to make you estate plan complete and protected.
Will
A will is an asset transfer document. With it, you can leave assets for a relative, friend, charity and even a stranger. It gives you freedom to choose beneficiaries as best fit for you. It is our duty to guide you in putting down your wishes to ensure that they are executable when you pass away. Some people who opt for do-it-yourself often put their survivors into jams because there was a discrepancy, omission or ambiguity in their will. If you have minors, then we can advise naming a guardian in your will. This is because minors are not allowed to inherit until they turn 18. The guardian would manage the assets you leave for them until they can inherit.
Living Trust
This document is mostly preferred over a will because of its characteristic probate avoidance. Assets held in a trust will not pass through probate — a rather complicated, expensive and time-consuming legal process carried out after you die before your assets can be distributed. A trust quickens asset bequeathal and reduces cost in the long run. As it is more complex than a will, get an attorney to execute your trust for you. By naming a successor trustee in your living trust, you would have someone to represent you during incapacity, as well as manage funds for your minors when you die before they come of age.
Powers of attorney
These documents are effective for incapacity planning. We would help you create a durable financial power of attorney to appoint someone to make financial decisions for you during incapacity.
Advance healthcare directives
This document, also known as healthcare proxy/surrogate, enables you name a surrogate to manage your healthcare during incapacity. Your surrogate will be in charge of speaking with your doctor and making healthcare decisions for you since you can no longer make them yourself These documents prevents the need for guardianship, therefore saving cost and preventing the court from deciding for you.
Create an estate plan to prevent Intestate
Intestate is a situation in which an individual die without creating an estate plan. Every state just like New York has its rule for intestacy succession (distribution of a decedent asset without a Will). The rule decides who get the decedent asset first before others and what percentage would be allocated to everyone eligible to the estate.
Intestacy succession is not the best way to have your estate properties shared. Even while the state tries to make the process less complicated and terrible, you still won’t have your estate shared the way you’d want it. It is better to make estate plans rather than leave your beneficiaries to this ineffective process. Contact an estate planning attorney near your today to create necessary estate documents.
Bottom line.
The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner; an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.
The nature of an estate plan, sometimes makes it complicated planning or creating estate document all by yourself, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.
We are here to help you.
At our law firm, our estate planning attorneys are proficient and have assisted several clients all over New York in creating the best fit estate plan for their particular situations. When you come to us, we take a good look into your heart through personal discussions, identifying your wishes and concerns. This we do with the hope of creating a personalized estate plan that covers all your concerns and offers you the best benefits. Be you a young entrepreneur wishing to secure your life’s work, a man or woman going into a new marriage with kids from the previous, or an elderly looking forward to long-term care and eventual death, we would help you meet your needs.
If you live around Brooklyn, 11239, kindly place a call to our office to get in touch with a lawyer.