As people age, safeguarding against unexpected events and ensuring their assets are passed down to their children, grandchildren, and other close relations takes on critical importance. Fortunately, such provisions can be organized through the establishment of an estate plan.
That said, several factors go into drafting a thorough and effective estate plan. New York residents are encouraged to read on to learn the value of hiring a NY estate planning attorney to assist in completing said action.
Estate Planning Overview
Estate plans are carefully conjured outlines containing important documents like:
This legally-binding document is officially referred to as the Last Will and Testament, which contains directives regarding how the author’s final affairs are to be handled. lists said individual’s heirs, and provides instruction about how their assets are to be distributed.
Health Care Proxy
Health Care Proxy document names a trusted individual to make medical decisions on the author’s behalf should they lose the capacity to offer such renderings.
Power Of Attorney
This document authorizes a trusted family member or associate to perform financial or legal transactions on the author’s behalf should they become unable to do so.
Benefits Of Hiring An Attorney
An experienced NY estate planning attorney may expedite this process by providing the following benefits:
Ensuring The Plan Coincides With New York Laws
It is important established plans coincide with State law. Failing to do so could result in a host of future problems for the author or their heirs. An experienced estate planning lawyer understands the laws and knows how to draft documents satisfying such regulations.
Documents like wills can often be challenged on the grounds of authenticity. Wills authored, witnessed, and reviewed by established legal professionals are less likely to be challenged in court on such bases.
Identifying All Pertinent Issues
A reputable estate planning attorney will help prospective planners identify all pertinent issues. While estate plans are known for including documents like wills and powers of attorney, said blueprints might also contain financial plans and other crucial undertakings. Knowledgeable legal professionals will account for all possible concerns.
An estate planner can typically trust the intentions of an attorney. The legal professional in question serves the client’s best interests and works to help said individual establish a plan most befitting of their own and no one else’s needs or desires.