When planning for the final disposition of your estate in Fayetteville, 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 particular wishes regarding end-of-life care? These questions, and more, should all be taken into account.

Usually, 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 reliable 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.

If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.

What Type of Estate Plan Do I Need in Fayetteville, New York?

This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.

For instance, if you are in your 20's and unmarried, an estate plan likely does not need to be on your priorities, unless you are very ill, or independently wealthy.

There is one group of unmarried people for whom estate planning in Fayetteville, New York is absolutely necessary: 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 various steps to secure these rights, such as authorizing power of attorney, and writing them into your will.

There is another considerable group of people who would benefit from having a good Fayetteville, 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 includes facing some uncomfortable realities, it is critical and unavoidable.

Do I Need a Fayetteville, New York Estate Planning Attorney?

Estate planning in Fayetteville, New York is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a substantial number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.