The only way you can guarantee control over your assets when you are unable to do so yourself is to have an estate plan. Contrary to what many people believe, estate planning is much more than simply drafting a Will online. Working with a New York attorney is highly recommended to ensure all bases are covered. Here are the most important components that should be included in any estate plan.
Will and Trust
No matter how many assets you have, a Will or a trust should be one of the main parts of your estate plan. When an attorney in New York drafts your Will, it can ensure your property gets distributed based on your wishes. A trust can also be established to prevent legal issues or even minimize estate taxes.
Power Of Attorney
You never know when you might not be able to make decisions yourself. It could happen due to age or illness, or even a sudden injury from an accident. Having a durable Power of Attorney is essential so you can choose who makes decisions on your behalf. Without a Power of Attorney, it may be left in the hands of the courts to decide what happens to all of your assets.
Health Care Directive
In the event you become incapacitated, a New York attorney should include a healthcare directive as part of your estate plan. This person can be different from or the same as the person who has Power of Attorney. When choosing this person, it’s best to select someone who has similar beliefs as you so you can feel confident they will make the same decision you would when needed.
Designation Of Beneficiaries
Any attorney in New York will highly recommend designating beneficiaries as part of your estate plan. This includes a primary beneficiary and a contingent beneficiary, if possible. Your beneficiary will receive your assets, so choose someone you know will be capable of handling your assets how you would want them to. Without a designation of beneficiaries, the courts will decide where your assets go, and it might not be in line with your desires.
Gordon & Gordon is a top law firm in NYC that can help you with a comprehensive estate plan. It’s never too early or late to begin estate planning since you never know when something unexpected could happen. It’s best to be prepared so your heirs are taken care of and won’t have to fight a lengthy legal battle after you pass. Be sure to contact us to schedule a consultation and we will discuss our estate planning process with you.