Estate planning is an essential aspect of life that involves organizing your affairs to make sure that the management of all your assets is done in alignment with how you want after your passing. If you reside in New York, there are several essential estate planning documents that you need to have in place to ensure that your wishes are carried out with your assets after you are no longer in this world.
In this article, we will list down and discuss all the essential estate planning documents that you need in New York!
Will
Your will is a document of legal nature with information on how your assets should be distributed when you’re no longer alive. It is crucial to have a will in place to ensure your assets’ distribution per your preference. If you die without a will, your assets will be distributed according to New York State’s intestacy laws, which isn’t necessarily in line with how you wanted them.
Trust
A trust gives you the opportunity to legally transfer your assets’ ownership for a trustee to manage on your behalf. A trust can help you avoid probate, minimize taxes, and protect your assets from creditors. There are several trust types. They include irrevocable trusts, revocable trusts, and testamentary trusts. A trust can be an effective way to transfer your assets to your beneficiaries while avoiding probate and minimizing taxes.
Power of Attorney
A power of attorney is an essential document if you become incapacitated and unable to make decisions for yourself. It is a legal document that gives authorizes a person of your choosing to make financial or medical decisions on your behalf and handle other important matters.
Living Will
A living will is a legal document that outlines your wishes for medical treatment if you become incapacitated and unable to make decisions for yourself. This document is essential if you have strong feelings about life-sustaining treatment and want to ensure your wishes are followed.
Health Care Proxy
Health care proxy lets you appoint someone to make medical decisions on your behalf if you are unable to make them yourself. This document is essential if you become incapacitated and unable to make medical decisions. With a health care proxy, you can ensure that someone you trust will make medical decisions on your behalf.
Contact Ledwidge and Associates for Estate Planning Lawyers
It is never too early to speak to an estate law attorney Queens. At Ledwidge & Associates, we specialize in everything related to estate planning NYC and can help you create a comprehensive estate plan that meets your specific needs. Contact us today to schedule a consultation and start your estate planning journey.
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