What to Include in an Estate Plan

You've accumulated a number of possessions that mean something to you, you might have property, money, or other things to find a home for once you have passed. The last thing you want is for your possessions, money and other items to go to the wrong people or to have people fight over them. Don't mistakenly think that you shouldn't have an estate plan, regardless of the amount of money you have. If you've ever wondered what to include in your estate plan or don't know where to begin or how to find an attorney for estate plan in New York, we'll explore what you need and why you need it.

Wills and Trusts

A will or trust will be the main part of your estate plan. Certain trusts can help to limit estate taxes and avoid legal challenges down the road. A will can help to ensure that heirs receive property according to your wishes. Your will should be in alignment with your overall wishes. You might have someone named as a beneficiary for an account, which means you shouldn't leave those assets to someone else in your will.

Durable Power of Attorney (POA)

In the instance you are found to be mentally incompetent at a later time, a court might decide what to do with your assets. To avoid this issue, you should establish a durable power of attorney to act on your behalf.

Beneficiary Designations

When you establish a beneficiary, it’s important that you also establish contingent beneficiaries in case anything happens to the beneficiary. A court may not decide who receives your funds the same way you would. Ensure that your beneficiaries are at least 21 and mentally competent.

Letter of Intent

A letter of intent is designed for an executor or beneficiary. It lays out special requests and details you want to share. It can help a probate judge as well to help establish your intentions in case anything goes wrong with your will.

Healthcare Power of Attorney (HCPA)

You should establish a healthcare power of attorney to make medical care decisions on your behalf in the instance you are unable to do so. It needs to be someone who will carry out your wishes and who shares the same views as you because this person could potentially be making decisions based upon your life. You also need to establish a backup agent in case the HCPA is not available when needed.

Guardianship Designations

It’s important to establish a guardian who shares the same views as you, who is financially stable, and is capable of taking care of your kids. You should also establish a contingent guardian as well.

Get Help With Estate Planning

Estate planning is nothing to take lightly, but it doesn’t have to be cumbersome either. You should get a knowledgeable attorney for estate plan in New York to help you.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at estate planning blog.