New York Estate PlanningNew York Estate PlanningMany people think that preparing an estate plan is nothing but writing a will. But this is not completely true. There are many aspects involved in it, and here, in this content, you will come to know about those factors. Drafting or preparing a will is probably the first step in estate planning.
However, the process of drafting a will involves many important aspects such as medical and business planning, financial tax, and so on. by taking the help of a New York estate planning lawyer, you can determine how your assets will be used or how you can protect them. Not only this, estate lawyer NY will take medical decisions for you and your family members.
Let’s have a look at some of the key elements of New York estate planning
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Write a will mentioning the name of the health care deputation
Your healthcare decisions cannot be made the right way without writing a proper will. To avoid this kind of situation, it is better to hire an Estate Planning lawyer who will prepare a healthcare delegation for you. This healthcare proxy will include the name of the person who will make medical decisions for you when you are unable to decide for yourself.
Consider a trust
When you consider a trust for placing your assets and property, it will help you and your family avoid probate. In fact, sometimes, one has to bear a costly and long court supervision process for transferring assets. The person you have considered as a successor trustee can transfer the ownership easily without any hassle, and in this way, you can avoid court fees.
Mention the name of beneficiaries
Any retirement plan or bank account you have must have its beneficiary name. By mentioning the name of the beneficiaries, the amount of the account will automatically be paid to the beneficiary after your death. This will help your family to avoid the probate process. With the assistance of an estate lawyer, you can fix up all these things.
Make a power of attorney
By making a power of attorney, you can confirm that the person you trust will handle all your financial matters when you are unable to do so. An attorney can perform this role for a specific time period or until the power is revoked. However, you will possess the power to revoke a power of attorney at any time as per your wish.
Protect your property and children
It would help if you mentioned the name of both guardians and successor guardians who will take care of your children in your absence. By doing so, you can ensure that if anything happens to one guardian, another guardian will be there to take care of your children. Along with this, you should also mention the name of the person who will manage your children’s property.
You can inform your trusted person about how you would like to inform your loved ones of your death and what wishes you want to be fulfilled at your funeral arrangements.
Therefore, a New York Estate Planning includes all these important aspects. By hiring an Estate Planning NYC lawyer, you can make the planning the right way covering all key elements of the plan.
New York Estate planning – some important points to be considered
Are you thinking about preparing your estate plan? If yes, hire the best New York estate planning lawyer who helps you determine how you can protect your assets or how they will be handled the right way.
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