When planning for the final disposition of your estate in Canandaigua, 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 certain wishes regarding end-of-life care? These questions, and more, should all be taken into account.
Typically, 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.
For instance, a seasoned estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
Perhaps most notably, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Canandaigua, New York?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some basic considerations in making this decision, however, are your health, age, and the amount of assets involved.
If you are young and unmarried, estate planning likely doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very hazardous job, such as the military.
There is one group of unmarried people for whom estate planning in Canandaigua, New York is absolutely essential: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take many steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
If you are elderly, and have a massive amount of assets in Canandaigua, New York, estate planning may be more crucial 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 essential 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 Canandaigua, New York Estate Planning Attorney?
Because estate planning can be a difficult process, the expertise of a good lawyer in Canandaigua, New York who specializes in wills, trusts, and estates can make the process a great deal easier.