Essential Components of Estate Planning in New York State

Estate planning is essential to have control over your assets after you are no longer on this earth. Estate planning will take care of your loved ones when you are no longer able to care for them. If you have any questions regarding the estate planning process, reach out to our experienced Nassau County Estate Planning Lawyer who will walk you through the process ahead. Our firm is prepared to assist you in drafting your will today.

What is a will?

A will is a legal document that expresses a person’s wishes for how their property should be distributed and assets should be divided after they pass. It also allows individuals to designate specific people to be in charge of their estate.

Things to keep in mind when planning for the future

You must select a number of people to execute your final wishes and carry out any responsibilities left on your behalf. Some of the most critical aspects of a well-rounded estate plan are as follows:

  • Executor: You will appoint an executor who will administer your estate. They will ensure your assets are distributed according to your will, and also be in charge of closing your estate. Your executor must be someone who you trust fully and can rely on to take on these responsibilities.
  • A guardian for minor children: This person will have the duty of caring for and raising your child in the instance that you and your other parent become unable to do so on your own. The court will have to appoint a guardian to raise your child if you fail to do so in your will.
  • Trusts: Setting up trusts makes getting your assets to your beneficiaries faster and easier by naming the individual and how much they are entitled to receive.
  • Powers of Attorney: When someone is granted power of attorney the individual is responsible for making key life decisions on your behalf if you are unable to make those important decisions on your own. A financial power of attorney gives someone the power to make financial decisions on your behalf. A healthcare power of attorney gives an individual the ability to make critical medical decisions on your behalf.

CONTACT OUR EXPERIENCED NASSAU COUNTY FIRM

Barrows Levy PLLC is a dedicated New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you require a lawyer who has notable experience handling family and estate planning matters, we are available to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today. 

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