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Drawing up an estate plan is crucial for ensuring that your wishes are met if you become ill or pass away. While a will or trust will provide details on who will inherit your assets, they also serve many other purposes. If you don’t have one, a lawyer can help you address the documents below. 

A Basic Outline of an Estate Plan

1. Will or Trust

A will or trust outlines how you want to distribute your assets and who will look after your dependents, such as children or pets. Wills require probate (court proceedings) to be executed, and they are recommended for those with dependents; a trust does not include arrangements for children or pets.

Trusts, on the other hand, will be handled by a trustee like a family member or lawyer. They are more costly to set up, but give you more control over your assets and allow you to save on taxes. You will also avoid tying up your assets in probate court, reducing the chances of a long, drawn-out process. 

2. Letter of Intent

lawyerA letter of intent establishes your wishes for matters such as cremation or funeral services. It can also outline how you want your family to use their inheritance. This document is not legally binding but is a guideline that your family or attorney can utilize to manage your estate. Also, if a judge has questions about your wishes, they can consult the letter of intent to make decisions.

3. Power of Attorney

This document gives another individual the power to act on your behalf if you cannot state your own wishes. For example, they can make health care or financial decisions for you. Choose someone you trust to carry out your wishes; if you have someone in your family that is reliable and good with numbers, they may be a good option. Clarify to them what you would want to be done in certain situations like if you were in a long-term coma.

 

When you need to draw up an estate plan, contact The Finkelstein Law Firm, PLLC. For over 20 years, their lawyers have offered legal services to Orange County, NY, residents. Their team is committed to protecting the interests of their clients. Learn more online, or call (845) 294-9003 to schedule a consultation with a lawyer.

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