In New York, estate planning helps owners maintain control over their assets. The plans include documents that direct family members after the estate owner dies. Assets are protected more fully through the plans. An Estate Planning Lawyer in Nassau County NY reviews all options for managing their assets and awarding their family members with an inheritance.
Setting Up Asset Protection
The first step in estate planning is to establish a plan to protect the assets. The assets are protected more effectively if they are separated from the estate. The assets are separated via irrevocable trusts or by transferring the assets to the beneficiary earlier. Some estate owners may choose to sell certain assets and divide the funds among their family members.
Creating a Will
A will explains which family members receive each asset. The owner has the right to add stipulations to their will to direct their family. For example, certain assets could be placed into a trust until a beneficiary becomes eighteen. A guardian is assigned to help the beneficiary manage their assets until they are legally an adult. A guardian is also assigned to provide care for minor children.
Setting Up a Healthcare Directive
A healthcare directive provides the estate owner with an option to enforce their rights. The directive determines if he or she will receive extraordinary measures such as life support. A healthcare proxy is also identified to make decisions for the owner if they are incapacitated.
Establishing a Power of Attorney
A power of attorney gives a family member certain rights if the estate owner is unable to make decisions. The most common reasons for a power of attorney are when the estate owner is deployed, traveling outside of the country, or if they are diagnosed with progressive illnesses such as cancer.
In New York, estate planning includes the creation of a will, healthcare directives, and a power of attorney. The plans help the estate owner lower common risks that could lead to serious losses for their heirs. The attorney presents the estate owner with a plan for dividing their assets and wealth among their family. Estate owners who need the services of an Estate Planning Lawyer in Nassau County NY can Click Here for more information now.