When it comes to estate planning, a will is a very crucial estate deed. Will Deeds is what comes to people’s minds when they hear “estate planning”. Yes, a will is very essential in ensuring your assets are transferred to your beneficiaries according to your wishes. But is it enough to ensure that your financial and personal matters are handled in the way that you want them to be handled? Finding a lawyer for a will and drafting your will deeds is a big step in estate planning. But you certainly need other estate deeds to support your last will and to ensure that whatever directions you give will be honored by your family members and your associates. These other documents include; a trust, powers of attorney, life insurance, health care proxy, and living will. Each estate deed is an estate planning tool that helps in different situations. Below is the document’s purpose in detail and how they are going to support your last will to ensure your wishes are honored:
Trust estate deeds.
Have you ever thought about what could happen if a will allocates an estate worth millions of dollars to a kid? In this situation, the kid is a minor and cannot handle or manage the estate in an efficient manner. Drafting an estate deed will help you appoint a trustee who is going to hold your assets for your beneficiaries who are not in a capacity to manage the assets, and transfers to them when they become capable of managing them. This will prevent your assets to be misused by your incapacitated heirs and also saves them from probate which is costly, time-consuming, and public.
Powers of attorney estate deeds
In the event, you are still alive and you are not able to make financial or medical decisions for yourself, a financial power of attorney and medical power of attorney will help you. These estate deeds allow you to appoint an agent who decides on your behalf on matters concerning your finances and health. This estate planning tool enables you to manage your assets effectively in an event of incapacity or until the time you die.
A living will estate deed
This type of deed is very essential in ensuring that you get the medical attention that you require. In this estate planning deed, you will state the extent to which you want your health care providers to use extraordinary measures in the effort to sustain your life. This will prevent you from unnecessary pain and saves money that would have been used in advanced treatments that are not necessary such as chemotherapy in cancer treatment or operations that involves organ transplants and so on. Doing this ensures your beneficiaries get the most out of your estate plan.
Life insurance for beneficiaries.
This type of estate deed is very essential when you wish to leave your retirements accounts and accounts payables to your heirs without passing through a probate court in NY.
All these documents are very essential in support of your last will deed, they, therefore, need to be revisited when a major event happens in your lifetime or within a set period that is prescribed by your estate planning attorney. This is to ensure that your Will remains valid as the effect of an invalid will is only noticeable when you die. This might be too late for any adjustments to be made since you are silenced eternally.
FAQs:
Why do I need a Will?
Will deeds are essential estate planning tool that enables you to direct how your assets will be transferred to your chosen beneficiaries when you die.
How do I find the best wills and estate planning lawyer near me in NY?
The best wills and estate planning lawyers assist clients with will matters such as drafting a will and how to probate a will in New York, they are around your estate in NY, reach out for more information on Wills and estate planning attorneys in NY.
What happens when someone dies without a will?
When someone dies without a will, they are said to have died intestate, probate courts in NY have provisions on intestacy rules which determine how your property will be passed to your heirs.
What document can be used in place of a will?
A common type of estate planning tool that can be used as a will substitute is a revocable living trust. This is a type of estate planning tool that enables you to transform your assets into non-probate assets.
What is a living will?
This is a type of estate deed that allows you to direct your associates on the extent of treatment you wish to receive in case of a chronic illness.
How does probating a will in NY work?
Probating a will in NY requires some procedures;
- Find the will and certificate of death
- Find a NY probate court around you.
- Request for essential documents for probate
- List the assets in the estate
- Issue a petition document for probate and supporting documents
