Regardless of income or assets, everyone needs an estate plan. However, estate planning can be confusing, primarily due to the sheer number of available estate planning options available. In order to give you an idea of what you may want to include in your estate plan, we’ve compiled a list of the most important estate planning things to consider. After reviewing the information below, feel free to contact our Florida and New York estate planning attorney to begin the estate planning process.
Important Things to Consider in Your Estate Plan
A Will
A will is a legal document in which you detail your wishes regarding the distribution of your property after you pass away and make arrangements for the care of your minor children should something happen to you before they reach adulthood.
A Trust
A trust is a legal arrangement that permits a third party to hold assets on behalf of beneficiaries. A trust is a great way to avoid probate court, which is often an expensive and time-consuming process.
Health Care Directives
Health care directives provide instructions for your health care should you ever become unable to make such decisions for yourself. Health care directives in an estate plan typically include a health care declaration, also known as a living will, and a power of attorney for health care, which gives someone the authority to make health care decisions on your behalf.
Financial Power of Attorney
A financial power of attorney is like a power of attorney for health care, but it applies to finances instead of medical care. A durable power of attorney for finances allows you to give someone the authority to handle financial matters on your behalf if you become incapable of doing so yourself.
Life Insurance
Life insurance is often a good estate plan addition. You should definitely consider life insurance if you own a home, have young children, or will owe significant estate taxes or debts when you die.
Funeral Expenses and Final Arrangements
Finally, it’s advisable to include plans for funeral expenses and final arrangements in your estate plan. There are several options available in this area, including prepayment plans and payable-on-death accounts. A payable-on-death account allows you to deposit funds to cover your funeral expenses while you are living. In addition, you should include your end-of-life wishes in your estate plan, including your wishes regarding the disposition of your body and organ and body donations.
Contact us today to get started!
At the Law Office of Angela Siegel, we provide comprehensive estate planning services to clients who reside in New York, to those who reside in Florida, and to snowbirds who split time between both states. Attorney Angela Siegel is licensed to practice law in New York and Florida, and she regularly assists residents of both states with their estate planning needs. If you’d like to begin the estate planning process, please contact us today for a consultation.