To protect your assets, you need to draft enough documents to ensure the security of your assets. By doing this you will not only be assured of the security of your assets after you die but also during your lifetime. To do this you should have provisions that allow the people you care about to access your assets, in any event, you are incapacitated. Below is a list of must-haves to secure your assets:
Drafted Will
This basic documentation you draft before your death indicates who your heirs are. However, the information you draft here is not enough to allow your heirs to inherit your property after you die, this will can be probated in court which is a long and costly process.
Revocable living trust
A revocable living trust helps avoid the long and tedious probate process. The trustee you appoint administers your property after you die. You can choose anyone as your trustee as long as you trust them. A trust, unlike a will, can be used to distribute property now or after your death. By doing this you can save money on taxes in the event you own lots of property. Elderly law answers go through the distinctions between trusts and wills in further detail. Developing trust is not often a do-it-yourself activity. Consider retaining the services of an attorney.
Medical POA
A durable medical POA permits your agent to make decisions regarding your medical care on your behalf when you are not in the capacity to make them yourself. As you always have the right to direct your health care if you have the capacity the POA for health care and advance medical care directive are both effective only upon your incapacity.
Unlike a POA for financial matters, the DPAHC and
AHCD may depend on the state, extend beyond your death for
purposes of authorizing the disposition of remains, autopsy, organ
donations, and so on.
FINANCIAL POA
A financial POAis a POA giving someone authorityto legally act as your agent on financial matters (instead of healthcare issues). The financial POA can be general (meaningthat the agent can act on all financial matters) or it can be special or limited (meaning that the agents’ powers are limited as stated in thedocument). For example, a special financial POA maypermit transactions only on one bank account.
A Living Will
It is neither a will nor a POA. Instead, it expresses your desire not to have your life prolonged by artificial means. It does not appoint an agent to carry out your expressed intent. In most states, it becomes legal before medical POA Becomes legal. Generally speaking, the
the living will be superseded when the principal executes a medical POA
Trust for crypto assets
A crypto-asset trust can help you determine what to do with your cryptocurrency investments. Ensure you have documented the passcodes to your computer and also left access to your crypto assets with your trust to ensure your digital assets are not lost.
Intentional document
Write a document if you have any instructions, requests, or critical personal information that does not belong in your will. Use it to express your hopes for things to happen. You may, for example, have specific instructions for how you want your funeral or memorial ceremony to be conducted.
Conclusion
With the coronavirus pandemic at its peak, it’s time to think about your mortality. You should think of the worst thing that might happen to you during this pandemic and take the necessary actions to ensure that you’ve secured your property for the people you care about and that your wishes are honored in any case you die. Morgan legal group offers you the best estate attorneys in New York at the moment, you can contact us for free consultation services.
Frequently asked questions
Why is there a surge in demand for estate protection services during the pandemic?
This is because of the uncertainties that have come along with the pandemic. Most people want to be sure that their assets are in safe hands after they pass away.
Why is it crucial to include other documents to protect your assets?
This ensures that you effortlessly protect your assets for those you care about and that there should be no complications during the inheritance of your estate.
What are you to supposed to incorporate in your plan to ensure the security of your property?
You should include a POA, healthcare proxy, a revocable insurance trust if necessary, and any other document that is necessary depending on the needs of your estate.
Why should you consider a revocable living trust?
This is the documentation that may protect your assets from going through probate by appointing a trustee.
What does the medical POA entail?
In this document, you appoint a healthcare agent who will make medical decisions on your behalf in the event you are incapacitated.
Is it possible to pass my digital assets to my loved ones?
Cryptocurrency and any other digital assets can be passed to those you care about if you include them in your estate plan.
How can I protect my digital assets?
You have to document the passcodes to your electronic devices and also leave the location and private key to your crypto investments with your trust.
What is a letter of intent?
This is a letter with any requests or instructions on how your funeral should be conducted or any other thing you wish to be done.
When does a POA end?
In the event, you are divorced if you were married or when you pass away
