Our will based estate plans are for clients who want to exempt themselves from State control over how their assets are distributed but are not very concerned with increasing their privacy or who want a simpler estate plan. A Will based estate plan can help you:
- Grant specific devises – give specific gifts to specific individuals;
- Divest specific individuals – not leave any property to certain people;
- Designate guardians for children and/or pets and provide funds for their care;
- Decide what medical procedures they do or do not want;
- Choose who administers their estate;
- Give somebody the power to make healthcare decisions in case of incapacity;
- Give somebody the power to manage their finances in case of incapacity;
- Give trust person access to their medical records; and
- Account for their final arrangements.
What is included in a Will based estate plan?
- Last Will & Testament – In their will, and individual can give property, exclude certain individuals from getting property, designate guardians for children or pets, choose their executor and make their final wishes. When the client passes, the Will is probated, and the executor or executrix will account to the probate court for the way in which they administer the estate and distribute the property as per the guidelines of the will.
- Healthcare Directive – sometimes referred to as a living will or a right-to-die document, the client can decide what medical procedures they do or don’t want, so as not to put the burden of making certain decisions on their family;
- Financial Power of Attorney – the client can decide who will manage their finance in case of the client’s incapacity;
- Healthcare power of Attorney – the client can decide who will make decisions that aren’t covered by their healthcare directive in case of the client’s incapacity;
- HIPAA Waiver – the client can give trusted individuals access to their medical records.
Why do I need a Lawyer to Draft my Will and Ancillary Documents?
The decisions that go into deciding how to draft a will and supporting documents are complex. While the client gets the steer the way, it is import to have an experienced NYC estate planning lawyer fill in the blanks and make sure the wishes are enforceable and that the mechanism for meeting those wishes is effective and efficient. A good estate planning attorney knows what questions to ask and what pitfalls to avoid.