When planning for the final disposition of your estate in Lockport, 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.
The creation of a will (the document laying out what is to be done with your property after your death) is an essential element of an estate plan, but it is typically not the only element. There are many other critical things that most estate plans should include.
In addition to a well-drafted will, a comprehensive estate plan should contain things like a living will (healthcare directives made in advance, in case you become incapacitated and unable to make or express such decisions), funeral instructions, and instructions relating to organ donations.
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 Lockport, New York?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
Unmarried young adults usually don't think much about estate planning. In most cases, this is fine. Unless you are very sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
There is one group of unmarried people for whom estate planning in Lockport, 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 Lockport, 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 Lockport, New York Estate Planning Attorney?
Because estate planning in Lockport, New York can involve some convoluted legal and financial issues, it is necessary to undertake this task with the guidance of an experienced attorney who specializes in estate planning.