Trusts and Estates Law New York
It's not unusual for people to put off planning for the future, especially if that planning relates to disability or death. Admittedly, it isn't the easiest thing to contemplate. However, not getting help with trusts and estates law in New York can make the alternative even worse.
If you become incapacitated or unexpectedly pass away, who do you want to make decisions in your place? How do you want your assets to be distributed? Is there a special gift that you'd like to ensure goes to a beloved family member or charity?
If you had a reaction to any of those questions, then it's time to schedule a consultation with an attorney. When it comes to trusts and estates law New York residents have many options. However, it's advisable to go with a lawyer who has years of experience, a record of unparalleled attentiveness and a considerable investment in your community.
Kyle Steller is just such an attorney, and she will help you navigate the challenging process of drawing up a will and deciding whether or not you require a trust or other estate planning tool.
Wills isn't only the wealthy who need to write a will. In fact, creating a will is a critical step in estate planning. It is the will that ensures that any property or assets are left to the selected individuals or organizations. Many statutory requirements must be met for a will to be considered valid. Accordingly, it must be carefully drafted and executed. A properly drafted will is less likely to be challenged in court, and it may move more expeditiously through probate.
It frequently is wise for people to set up a trust to hold their property. A trust is simply a legal arrangement by which you as the owner transfer your property to a trustee who administers the trust for the beneficiaries that you have selected.
A variety of trusts are available, and the one that you select will largely depend upon your unique circumstances. For instance, you may establish a revocable trust if you want the ability to revoke the trust and reclaim all of the property held in it. An irrevocable trust has no such stipulation and cannot be revoked.
You also may select a living trust or a testamentary trust. A living trust is an agreement between you and a trustee while a testamentary trust is a portion of a decedent's will.
Which type of trust is appropriate for you? It's advisable to meet with an attorney to discuss trust administration and related issues.
Health Care Proxy
This document is like a power of attorney, but it specifically relates to medical treatment. Effectively, you appoint a trusted individual to act on your behalf should you become unable to do so. This person has the authority to make medical decisions for you when you can't.
You also may have the option to appoint alternate people to this position if your first choice is unavailable. Establishing a health care proxy can be a delicate process, one that your attorney can facilitate with ease. While it is never pleasant to imagine not being able to communicate your wishes with regard to your care, having this document in place means that you can always make your preferences known.
Power of Attorney
It is wise for all seniors to have a durable POA (Power of Attorney). This document allows you to choose a trusted individual who will act for you and make decisions for you when you cannot do so. These POAs stay in effect even if you become incapacitated, allowing your appointed person to pay your bills, direct your medical care or manage your investments.
Life is unpredictable, and having a POA is a smart strategy that makes sense in the event of a health emergency or other catastrophic event. These documents can be quite short and straightforward. Alternatively, you have the freedom to make as many stipulations as you like. Working with an experienced attorney is an excellent place to start.
Trusts and Estates Attorney Kyle Steller
When it comes to trusts and estates law New York residents probably have plenty of questions. That means that it's time to talk to someone who has answers. Speak to Kyle Steller about setting up an estate plan today.
If you or your loved ones are near the communities of Kingston, New Paltz, Marbletown, Red Hook, Poughkeepsie, High Falls, Newburgh, or any town in Ulster, Dutchess or Orange Counties - Kyle can assist you with your Trusts & Estates.