Elements of an Estate Plan

Introduction

If you live in New York, you need to have an estate plan. This is true whether you are young or old, single or married. An estate plan is not just for wealthy people. Everyone can benefit from having an estate plan.

An estate plan is a set of documents that provide for the distribution of your assets after you die. It can also provide for your care if you become incapacitated.

The most basic piece of an estate plan is your will. You should also have a health care directive.

A Will

It is a document that says who will receive your assets after you die. It can also name a guardian for your minor children. If you die without a will, the state of New York will decide who gets your assets and who will care for your children.

If you die without a will, your assets will be distributed according to New York's intestacy laws. A will is a very important part of your estate plan, but it is not the only part.

 Even if you write a will, your assets may have to go through the probate process. 

Health Care Directives

A health care directive is a document that says what kind of medical treatment you do or do not want if you become incapacitated.

It is important to have a health care directive because it allows you to make your own decisions about your medical care.

If you do not have a health care directive, your family will have to make decisions about your medical care.

You should also have a power of attorney.

Power of Attorney

A power of attorney is a document that gives someone else the ability to make decisions on your behalf.

For example, if you become incapacitated, the person you have named as your power of attorney can make financial decisions for you.

A power of attorney is a very important part of your estate plan because it allows you to choose who will make decisions for you if you are unable to do so.

If you do not have a power of attorney, the court will appoint someone to make decisions for you.

You can have a will, health care directive, and power of attorney all in one document. This is called an advance directive.

No matter what type of estate plan you have, it is important to keep your documents up to date.

You should review your estate plan every few years to make sure it still meets your needs. You may also want to update your estate plan if there are changes in your family or your financial situation.

If you have any questions about estate planning, you should speak to a New York Estate Planning attorney. An attorney can help you create an estate plan that meets your needs.

Contact Nasser Law PLLC

Nasser Law PLLC is a full-service law firm that provides legal services to individuals and businesses in the New York City area. We offer a wide range of legal services, including estate planning, probate, and business law. Contact us today to schedule a consultation.