Estate planning can be daunting, but it is one of the most important things you can do for your future. To ease the stress, you should go into the process prepared. A skilled estate planning attorney will be able to create a thorough and comprehensive estate plan, but it never hurts to know what you want. Read on to learn more about some of the most important documents you may want to create.
A will is an incredibly important document. A will is used to allocate your assets to your loved ones in the event of your passing. This is so important because it ensures that your wishes are followed and that your loved ones are cared for. In addition to your assets, you can also leave gifts and tokens to your friends and family. Some people incorrectly believe that a will is only for those who have children or who are of a certain net worth. In reality, a will can greatly benefit anyone over the age of 18 who owns any property or assets. While a will is important, it is just one part of a complete estate plan.
There a lot of different options when it comes to creating trusts. There are different trusts for every situation, so you should reach out to an estate planning attorney to figure out which trusts can help you with your estate plan. Some of the most common types of trusts in New York include:
- Asset protection trusts
- Charitable leads trusts
- Generation-skipping trusts
- Supplemental needs trusts
- Charitable remainder trusts
- Special needs trusts
- Life insurance trusts
- Testamentary trusts
- Qualified personal residence trusts
- Pet trust
- Inter Vivos trusts
Advance Healthcare Directive
An advance healthcare directive allows you to make decisions regarding your future healthcare. Some people have certain wishes when it comes to their end of life care. You can make these wishes clear in an advance healthcare directive. Additionally, you can put someone in charge of your healthcare. In the event that you are incapacitated or you are no longer of sound mind, someone you trust can make decisions regarding your health on your behalf.
Power of Attorney
A power of attorney (POA) gives authority to another for a range of matters, including medical, legal, and fiscal decisions. The subject of the POA is called the Principal. The person provided authority is called the Agent. The powers granted to the Agent can be as specific or as broad as the Principal wishes. A power of attorney is one of the most important documents you can create.
If you are interested in beginning the estate planning process, contact our firm today.
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Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.