What Are the Primary Components of Estate Planning in New York?
Estate planning eliminates family conflicts for your assets when you die. It ensures your beneficiaries get the right portion of your assets and that peace prevails in your family.
In New York, comprehensive estate planning includes wills, trusts, advance care directives, and power of attorney documents. If you wish to create your estate plan and don’t know where to start, estate planning attorneys at Strazzullo Law Firm are here to help you and your loved ones protected in the future.
Below, we have discussed the primary main components of estate planning in New York. Know what you must include for a well thought estate plan.
A will is a vital document highlighting how your wealth will be shared upon death. If you have many assets, the will should show who you want to assume each type of asset upon your demise. This clarification for the wealth division ensures no conflicts regarding your assets’ ownership.
Despite its importance, a will does not cover everything in estate planning, and that’s why you should have the other vital documents included in your estate plan. For now, here are the few things that you must include in your will include:
- Personal information (including full name and date of birth)
- Testamentary intent that proves your document is a will
- List of your assets and beneficiaries
- Appointment of an executor and a guardian
- Signatures from the writer of the will and two witnesses
You can write the will on your own, but it’s advisable to consult an experienced estate attorney in Bay Ridge for help.
Power of Attorney
Power of attorney is another vital document that grants someone you trust the power to act on your behalf. The person you appoint in the power of attorney document should, for instance, make financial decisions when you’ve already passed away or are not mentally stable to manage the issues on your own.
You can grant anyone power of attorney, including your spouse, children, or someone you fully trust. You should write and sign this document while you’re still mentally okay. A few things to have in your power of attorney document include:
- Your name and the chosen power of attorney
- Responsibilities of the selected power of attorney
- Your signature and that of your lawyer
Like a will, a power of attorney eliminates disagreements upon your demise because it gives your agent the power to decide your assets and finances.
Advance Care Directive
An advance care directive document highlights your future medical preferences when you can’t make those decisions. This document is essential to you, your family, and healthcare professionals because they don’t have to worry about what to do when you are sick.
An advance care directive ensures you get the treatment and relieves stress to your family when you get ill. This estate planning document is vital to everyone, especially if you’re:
- Have chronic illnesses
- Approaching the end of life
- Have multiple underlying conditions
A directive care plan should include all details regarding your medical procedures, including whether you need surgery, the medicines you should take, whether you would like to donate organs, and many more. Work with a knowledgeable Brooklyn estate planning attorney to help you create the perfect advance care directive for you.
A living trust is a legal arrangement that allows you to decide how your wealth/assets will be managed when you’re alive and dead. While a will highlights your wealth management only when you die, a living trust applies to when you are alive and dead.
When writing a living trust, you should choose a trustee who will manage your health while alive. In case of your death, the trustee will follow your wishes to transfer the wealth to your beneficiaries.
The trustee you choose has a fiduciary duty to manage your wealth well and adhere to your wishes according to the agreement. There are two main types of a living trust, revocable and irrevocable. In a revocable trust, you can easily change the details, while it’s not easy to change an irrevocable trust. Nevertheless, all living trusts aim to delegate and protect your assets for peace of mind.
New York Estate Planning Attorneys Can Help
Estate planning involves making well-thought decisions for the people you care about. Therefore, you should have a legalized plan for creating the plan.
Contact the Strazzullo Law Firm for help and guidance if you need a New York estate planning attorney. Our legal team helps New Yorkers like you navigate the complex estate planning journey, and we’ll gladly offer help.