LONG ISLAND ESTATE PLANNING LAWYER
Estate planning is a process of making plans over your future and that of your loved ones. Estate plans, concerns what happen to your assets, finances both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
Consulting with a Long Island estate planning lawyer to make necessary estate plans over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. One wrong document or inclusion or signatory could mean or signal a whole different thing and may jeopardize your wellbeing or your estates at risk of loss and probate with the beneficiary or trustee not getting it.
It is also important to note that state laws rules over estate plan. They dictates what should be included in will, trust or power of an attorney, this state laws in Brooklyn, also regulates how the documents are filed and its implementation.
Estate planning major documents.
Last Will and testament: a will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children. However, Will goes through, a probate process in court to be fully implemented for the beneficiary of the will to get their benefits.
Trust: Trust are essential when planning your estate. Trust forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable. There are two types of trust, revocable and irrevocable living trust. Both have key importance, however, consult with a Long Island estate planning lawyer to plan on the suitable trust for you.
A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after his death. One major importance of a revocable living trust is that, it helps to prevent probate.
An irrevocable trust is a trust document that is filed, established and implemented while the trustier is still alive. This type of trust are irrevocable and are permanent so that the trust once funded is no longer in the possession of the trustier. Thus, the name Irrevocable.
The revocable living trust, unlike the irrevocable trust allows your assets be within your control at any time. Even when you get mentally incapable to handle your business, you can use this document to appoint a desired trustee.
Advance medical directive: Through an advance medical directive also known as a medical power of attorney, you get to designate a health agent to make medical decisions when you are unable to do so. This same document could be filed in court to should it be someone needs to be your guardian or conservator.
Financial power of attorney: through this, you can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable. This documents can be used in two form as a durable power of attorney and a springing power of attorney.
With an experienced Long island estate planning lawyer, you can sure to have the right documents inclusions and have your estate plans implemented without troubles.