When it comes to estate planning in New York, having expert guidance is key. It is not always enough to draft a basic DIY Will, especially when your estate is not a simple one. You would typically need professional assistance from a wills, trusts and estates attorney near you if any of the following situations apply to you:
- You are in a blended family and need assurance that your own kids from the previous marriage get a share in your inheritance when you pass away
- You have a child with special needs
- You have minors (children below 18 cannot inherit under New York laws)
- Incapacity can happen at anytime, and we need to plan for your care and asset management
- Your debts are heavy and would drain your estate significantly if they are to be paid
- You have a large estate that’s subject to huge estate taxes
- You wish to shield your assets from liens, nursing home costs, etc, while qualifying for Medicaid
- You have property in multiple states
- You have complexly owned assets and are unsure how they will pass on your death.
If you live around NY 10014, contact us to get help from a wills, trusts, and estates attorney near you.
Essential documents your attorney will include in your estate plan
· Last Will and Testament for asset transfer
A last will and testament, simply called a will, is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you pass away.
While you can download will templates online, it is important you use only a New York will if you live in New York. There are also several things to consider when drafting your will. It’s not all about allocating assets to beneficiaries. If you own property in multiple states, own a complex estate, are in a blended family, or look to avoid taxes, there are strategies an experienced estate attorney in New York 10014 will employ to help you achieve your goals.
· Trusts
While every will is subject to probate, a complex and expensive court process that takes place after you pass away, trusts are typically avoid this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.
Since trusts are complex estate planning instruments, it’s crucial you seek assistance from an experienced wills and trusts attorney near you.
There are different kinds of trusts, including:
- Revocable trust (also called a living trust or revocable living trust)
- Irrevocable trust
- Special needs trust (or supplemental needs trust)
- Charity trust
- Pooled income trust
Notably, our estate lawyers will always assess your situation to determine what kind of trust to establish as each type comes with its unique benefits.
· Durable Power of Attorney for incapacity planning
As one gets older, there is a chance to suffer aging diseases such as dementia, Alzheimer’s, and the likes. Things like this makes one incompetent to make reliable decisions for themselves. It may also be due to a disability, accident, or sickness such that renders them unconscious. In such a situation the person is declared legally incapacitated. But such a person may need someone to make decisions on their behalf, such as in matters concerning their finances, business, or healthcare.
To this end, your lawyer can create some documents for you.
Durable financial power of attorney: A durable financial power of attorney is a document on which you appoint an agent (attorney-in-fact) to manage your financial affairs in the event you become unable to manage them yourself.
Durable medical power of attorney: A medical power of attorney or healthcare surrogate is a document on which you appoint an agent to make healthcare decisions on your behalf when you become unable to do so yourself.
· Living will for possible end-of-life situations
Also called an advance healthcare directive, a living will allows you make decisions on what medical actions you would want taken when you are in an end-of-life situation.
Wills and trusts attorney near me 10014
Contact our law office today to consult with a highly knowledgeable estate attorney for your wills and trusts in NY 10014.