What Are the Best Estate Planning Options in New York?
No matter your age or location, estate planning is an undeniably important process to plan for your retirement and provide for your family once you retire. The process also allows you to delineate the distribution of your financial and non-financial assets after your death, ensuring that the financial interests of your potential heirs and family members remain protected. At the same time, this process aims to minimize legal fees, taxes, and other expenses to preserve your assets as best as possible. Considering the recent COVID-19 pandemic, it has become crucial for us to be proactive regarding our legal matters. If you or your loved one wants to explore your options, you can get in touch with an estate planning lawyer at Pierro, Connor & Strauss LLC in New York who can counsel you on the ways to protect your assets and ensure that they pass on to your family and heirs without any legal troubles. Here are the best estate planning options in New York today.
A will is a legal document that outlines an individual’s wishes regarding the distribution of their financial and non-financial assets after death. Wills are the most widely used option for estate planning in the United States. For a will to be valid, it must meet the specific legal requirements of the state where it is to be enforced. Once the will follows these rules then whatever the will states have to be followed. There are no ways to argue a will after the person has passed, the document must follow the way it was written.
A trust is an estate planning option that allows you to transfer your asset ownership to a trustee who will then manage your assets on your behalf. Several types of trusts are beneficial. The different types of trust include testamentary, revocable, and irrevocable trusts. An irrevocable trust offers greater control and flexibility when it comes to managing and distributing assets. Additionally, trusts can be used to achieve other goals like safeguarding assets from creditors, minimizing taxes, and more. These are a great way to make sure no financials are lost and nothing major gets thrown away once the person is deceased.
Power of Attorney (POA)
A Power of Attorney (POA) is an estate planning option that allows an individual to appoint another person to decide legal matters on their behalf if they become unable to do so due to physical or mental incapacitation. While a healthcare POA only has the power to make healthcare decisions on the behalf of an individual, a general POA can handle financial and non-financial matters related to asset management and estate planning. While these may be a lot for the individual who is given this position it is important to take it seriously. A POA is the last line of defense when it comes to important legal matters, and they need to make the right decision based on what the individual would choose.
Also known as an advance directive, this legal document outlines an individual’s preferences for end-of-life care. In some cases, an illness might render a person unable to make their own healthcare decisions, and it might become crucial to have their preferences recorded for the future. Although a living will be not directly related to estate planning, it is a valuable, legally binding tool that requires proper execution. It’s important to keep track of all the details within the living will. They need to be followed and always respected and a legal professional will make sure that happens.
Conclusion Wills, powers of attorney, trusts, and living wills are some of the best options for individuals looking for ways to secure their legal rights and wishes regarding asset management and distribution in case of incapacitation or death. These are great for individuals who have important items that they want to ensure are safe after they go. If you are in New York, you can consult a skilled attorney who can help you create a well-designed plan to manage your assets and ensure that your wishes are honored after your death.