When planning for the final disposition of your estate in Ardsley, 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 done? Do you have any specific wishes regarding 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 occurs 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 clear estate plan will also contain 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 especially, 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 Ardsley, New York?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
For example, if you're unmarried, and in your early 20's, estate planning is probably not the most critical thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you're not married in Ardsley, New York, but have a life partner, estate planning is essential. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Furthermore, your will should precisely name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another large group of people who would benefit from having a good Ardsley, New York estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily involves facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Ardsley, New York Estate Planning Attorney?
Because estate planning can be a perplexing process, the expertise of a good lawyer in Ardsley, New York who specializes in wills, trusts, and estates can make the process a great deal easier.