Five Documents Needed for Estate Planning in NY

What documents you’ll need for estate planning in NY can vary significantly depending on many factors, including the size of the estate and the life circumstances and desires of the individual who is doing the planning. However, at a very basic level, most estate plans have a few common elements, which are present in small estates as well as much larger estates. Five essential estate planning documents that should be included in any estate plan include the following:

Will

A will is central to estate planning in NY, regardless of the size of the estate. A will is a legal document that expresses the decedent’s wishes about critical concerns, such as guardianship of children and the fate of any property. The will should name an executor, who will be responsible for carrying out the directives of the decedent as expressed in the will.

Probate Process: Once the decedent passes, probating a will must go through a court process called probate. During probate, the will becomes a public document.
Guardianship: If the decedent has minor children, guardianship will generally be established in the will. The will can identify a physical and financial guardian for any minor children.
Specific Desires: The will can express any specific desires for the guardianship of children, including instructions for religious upbringing, education, or other matters.

Revocable Trust

A trust is a document that allows significant parts of estate planning in NY to be resolved without probate. Trusts should name a trustee and a successor trustee.

Trustee Responsibilities: These individuals will be responsible for administering the assets of the trust outside of court.
Complexity: The complexity of trust documents can vary considerably, depending on desired provisions and asset volume.
Avoiding Probate: By placing assets into a revocable trust, you can bypass probate entirely, ensuring quicker distribution to beneficiaries.

Health Care Directive

A health care directive discusses end-of-life desires and conditions under which you may not wish to receive life support or other invasive medical intervention.

Health Care Decisions: These documents set forth wishes regarding various health care decisions if you are unable to speak for yourself.
End-of-Life Wishes: This includes specifying under what conditions life support should or shouldn’t be administered.
Living Will: Often part of your health care directive, this document details specific medical treatments you would or wouldn’t want.

HIPAA Form

To ensure your health care directive and trust documents function correctly, include a HIPAA medical information release form.

Medical Records Access: This form provides your successor trustees with authority to receive your health information and medical records.
Legal Permissions: Ensures all parties involved have legal permissions to access sensitive medical data.
Confidentiality Compliance: Assures compliance with federal privacy laws while allowing necessary access.

Financial Power of Attorney

In case you become incapacitated, someone needs authority to handle your finances on your behalf.

Named Person: The power of attorney names this individual.
Financial Management: They’ll manage financial affairs such as paying bills, managing investments, and handling real estate transactions.
Durable Power of Attorney: This type ensures that your designated agent retains authority even if you become mentally incapacitated.

For all your estate planning needs, contact an experienced estate planning attorney in NY today at Alatsas Law Firm. The attorneys at Alatsas Law Firm have the skill and experience to protect your assets and advance your wishes in your estate plan. Contact the skilled attorneys at Alatsas Law Firm today at (718)-233-2903.