When planning for the final disposition of your estate in Albany, New York, there are a few things you'll want to consider: who do you want to give your assets to, and under what conditions? Do you have any preference for how your funeral should be handled? Do you have any specific wishes concerning end-of-life care? These questions, and more, should all be taken into account.
Generally, the first thing a person thinks about when they think about estate planning is a will. A will dictates what happens to a person's property after they die. In general, you can leave your property to whomever you want, and attach almost any condition to such gifts. In the vast majority of estate plans, a will is the central component. It is rarely the only one, however.
A solid estate plan will also include instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is known as a "living will." It should also include instructions about funeral arrangements and organ donation.
Most importantly, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can actually take on such responsibility.
What Type of Estate Plan Do I Need in Albany, New York?
The answer to this question depends largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
If you are in good health, young, and not married, planning an estate is probably not a high priority. And at this point in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very dangerous jobs, or who are very wealthy.
Individuals who are, for various possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Albany, New York estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
If you are elderly, and have a large amount of assets in Albany, New York, estate planning may be more critical at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is crucial if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Albany, New York Estate Planning Attorney?
Estate planning in Albany, New York is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a significant number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.