Brooklyn New York Estate Planning Services
What will happen to your property after you die? Who will make medical decisions for you, should you become incapacitated? Will you have to worry about paying estate taxes?
Creating an estate plan will allow you to answer all of these questions and more. When you create an estate plan, you and your estate planning attorney will look ahead to the future. You will consider what might happen and what will happen. Once you understand what might and will happen, you’ll make decisions about what you want to happen, and what you need to do to go about making sure that your wishes will be respected.
Brooklyn New York Estate Planning Instruments
An “estate” is the collection of property and interests you leave behind after you die, or after you have become incapacitated and can no longer manage your affairs yourself. Estate planning is simply the process of anticipating these events and taking the appropriate steps so that you might be prepared for what is to come. At our firm, we like to think of estate planning as risk management.
Estate plans use a variety of tools to accomplish your goals. Although individual plans differ significantly, your plan will likely include tools such as:
- Last Will and Testament. A will is one of the more basic estate planning tools available, but it’s also one of the most important. A properly drafted last will and testament gives you the ability to make a number of important choices. Through your will, you can make inheritance decisions, choose a representative to manage your estate, and choose a guardian to care for minor children should you die prematurely.
- Revocable Living Trust. One of the more popular estate planning tools in recent years, revocable living trusts are essential if you want more flexibility in your legacy plan. Designed to work in conjunction with a last will and testament, a revocable living trust also affords you some protection should you become incapacitated.
- Powers of Attorney. Not every estate planning decision you make will involve deciding on what you want to happen to your property after you die. A power of attorney is a tool that gives you the ability to name an agent to represent your interests while you are still alive. Whether you need an agent to represent some of your interests now, or would like someone to be there in the event that you are incapacitated, powers of attorney allow you to select someone of your choosing.
Developing Individualized Plans
The estate planning process is something that every capable adult needs to begin immediately if they have not already done so. The questions that arise regarding estate planning will have to be answered by an estate planning attorney. If you don’t have an estate plan in place, you will be leaving it up to others to make those decisions for you. Whether those others are family members, a court, or even pre-existing laws, making an individualized plan ensures that you control the important decisions that will affect you, your family, and your estate.
If you haven’t created an estate plan, do not procrastinate any longer. Schedule an appointment to speak with us at the Minko Law Office. Our firm believes in helping people create their legacy, preserving their wealth, and keeping families together across multiple generations.