How To Tackle Estate Planning
Five Various Ways To Do Estate Planning Attorney Brooklyn. Planning your estate is the act of deciding what will happen to your assets after you die. Don’t confuse that with end-of-life planning, which is the process of making decisions about what kind of care you want if you are incapacitated. Estate planning can sometimes be done at the same time as end-of-life planning, but they are two very different things. When doing estate planning, it’s important to consider who should inherit all of your assets.
There are different ways to do this depending on how much wealth you have and who will take care of minor children (if applicable). Your estate plan should include the following:
1. A Will –
The cheapest and most basic way to accomplish estate planning is through a will, which is a legal document that states where your assets and possessions should go. Wills can be as simple or as complex as you want them to be.
2. A Trust –
If you have several different types of assets and you wish to divide them differently than how they would go through a will, then a trust may be an option for your estate planning needs. A trust can also help ensure custody of minor children after your death.
3. A Revocable Living Trust (RLT) –
This is essentially a trust that you can make changes to yourself. This allows you to transfer all of your assets into the trust without needing the help of an attorney. The big downside to this option is that it can be costly since it also requires a tax planning expert and a financial expert.
4. An Irrevocable Living Trust (ILT) –
With this type of trust, you give up ownership and control of your assets while you’re still alive. Once the transfer is made, it cannot be undone, so do not create one if there is any chance that you may need access or control over your property again in the future.
5. A Living Will –
A living will is a legal document that states what kind of medical care you should receive if you are incapacitated. It can specifically state whether or not you should be kept on life support and other specific directives.
A Durable Power Of Attorney (DPA)
A power of attorney allows someone else to handle your monetary and legal affairs for you if you can’t do it yourself. The person who handles your affairs is called an agent, and they’re only in charge while you’re still alive—if you become unable to make decisions, the power of attorney automatically ends.
An Advance Health Care Directive (“Living Will”)
This one is similar to the durable power of attorney, but it allows you to specify who should make decisions about end-of-life medical care if you become incapacitated. It takes effect only if you do not make any other directives for out-of-hospital care.
Other Legal Documents –
Your estate plan may also include documents like codicils, powers of attorney, or living wills that transfer assets or provide instructions on how your affairs should be handled.
The steps you can take in order to do estate planning in Brooklyn, NY are many and varied. There is no single best option for your situation, so it’s important to understand all of your options so you can choose the one that works best for you. Your estate planning attorney should help guide you through this process step by step.