When planning for the final disposition of your estate in Cohoes, 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 certain wishes concerning 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 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.
For example, a brilliant 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 importantly, 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 Cohoes, New York?
This normally depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For instance, 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 are unmarried, but have a life partner in Cohoes, New York, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a situation, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also clearly include your partner (if you wish for them to inherit any of your assets).
Individuals who are elderly and/or have a massive amount of money in Cohoes, 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 contains, but it's necessary.
Do I Need a Cohoes, New York Estate Planning Attorney?
Estate planning in Cohoes, New York is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a considerable number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.