Question By: An estate plan in New York is more than just a will—it is a collection of legal documents designed to manage your assets, healthcare, and financial decisions both during your lifetime and after death. While every plan is tailored to individual needs, several key documents are commonly included.
The Last Will and Testament is the foundation of most estate plans. It outlines how your property and assets will be distributed, names guardians for minor children, and appoints an executor to carry out your wishes. However, a will must go through probate, which is a court-supervised process.
To avoid probate, many individuals also use a Revocable Living Trust. A trust allows assets to be transferred directly to beneficiaries, often more efficiently and privately than a will. You remain in control of the trust during your lifetime and can make changes as needed.
A comprehensive plan also includes Powers of Attorney. A Durable Power of Attorney designates someone to handle financial matters if you become incapacitated, while a Healthcare Proxy appoints a trusted person to make medical decisions on your behalf.
b This document spells out your healthcare preferences, such as whether you want life-sustaining treatments, ensuring your wishes are honored if you cannot speak for yourself.
Other documents may include beneficiary designations for retirement accounts and insurance policies, as well as HIPAA authorizations to allow loved ones access to your medical information.
Together, these documents create a complete estate plan that protects your assets, provides clear instructions, and reduces the burden on family members. Consulting an experienced New York estate planning attorney ensures that each document is properly prepared and legally valid. Visit https://bernardestateplan.com/what-documents-are-included-in-a-new-york-estate-plan/ to know more.
Answer By: