In Cold Spring, "estate planning" refers to all of the decisions affecting how a person's property is going to be disposed of after their death, as well as the procedure of implementing those decisions when the time comes.

Estate planning usually requires the advice of a legal and/or financial expert, because the issues involved can be confusing, and are regarded by most to be very important. A flawed estate plan might create conflict between your survivors, resulting in your intentions not being given effect.

In addition to deciding what to do with your assets after your death, your estate plan should also contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide another person the ability to make decisions for you, if you become incapacitated. Also, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.

A reputable estate planner in Cold Spring, can make this process much easier, minimizing the chances that your estate plan will end up in court, saving your survivors a huge amount of time and money.

Common Features of Cold Spring Estates

Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), usually with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. Nonetheless, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).

Living Will: This is a document which articulates your wishes regarding your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While actually consulting it will hopefully never be necessary, one never knows - unexpected illnesses and injuries can happen to anyone, at any time. While making a living will might require a person to acknowledge the existence of some unpleasant possibilities, it can end up saving their loved ones a great deal of grief and uncertainty.

Power of Attorney: This is an arrangement in which you give someone else, usually a trusted family member, the permission to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.

Funeral Arrangements: If you have any strong preferences concerning the disposition of your physical remains, you should make them known to your family early, and should not include funeral instructions in your will. Wills are often read weeks after the testator dies, so in most cases, it will be too late by then.

Do I Need a Cold Spring Estates Lawyer?

A poorly drafted or executed Cold Spring estate plan can have major negative consequences. For instance, it might be confusing to the people who are most directly affected by it. This confusion can often lead to costly litigation. For that reason, the guidance of an experienced estate planning attorney can be invaluable.