When planning for the final disposition of your estate in Thornwood, 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.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is identified as a "living will." It should also include instructions about funeral arrangements and 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 Thornwood, New York?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
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.
If you are unmarried, but have a life partner in Thornwood, 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 case, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also precisely include your partner (if you wish for them to inherit any of your assets).
Other groups for whom estate planning is very critical in Thornwood, New York are people who are elderly and/or have a lot of assets. This may be the time in one's life where estate planning is most critical. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is very important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Thornwood, New York Estate Planning Attorney?
In Thornwood, New York, estate planning is rarely simple, even if it's not the most confusing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.