Your estate plan is one that outlines what you want to happen with your assets when you pass away. This is conveyed in the will and through trusts. It is imperative that you do handle the creation of these so that your estate doesn't have to be distributed through the intestate process that is set by New York law. We know that this might seem like a daunting task, but we are here to help you through it all.
There are some other aspects of the estate plan that you need to think carefully about. Some of these might not apply to your situation so just don't worry about them if you don't need them.
- Guardianship designations: If you have minor children at home, you need to make a plan for what happens with them if you and their other parent pass away, and they are left without a parent.
- Financial power of attorney: You should name someone who can handle your financial affairs if you aren't able to make decisions for yourself. This would only go into effect if you were incapacitated.
- Medical plans: Create a health care power of attorney designation and a living will so that your plans for your medical care are clearly outlined. This helps to ensure that you only have the types of medical care you want if you can't speak up for yourself.
- Letter of instruction: The letter of instruction isn't kept with the other estate planning documents. Instead, you keep it somewhere easy to find so that your loved ones can refer to it to find out any special instructions you have, such as your funeral plans.
We know that you probably have some questions about how you should convey your wishes. We can help you get the answers to those and ensure that your estate plan is exactly what you want it to be.
No Comments
Leave a comment