When planning for the final disposition of your estate in Centerport, 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.
For instance, a reputable 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 especially, 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 Centerport, New York?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some usual considerations in making this decision, however, are your health, age, and the amount of assets involved.
For example, if you're unmarried, and in your early 20's, estate planning is probably not the most essential thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you have a life partner in Centerport, New York, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
Individuals who are elderly and/or have a large amount of money in Centerport, New York are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always involves, but it's imperative.
Do I Need a Centerport, New York Estate Planning Attorney?
Estate planning in Centerport, New York is not always difficult, 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.