Estate Planning – An Overview
Estate Planning is the way how we manage our financial resources and properties. It is the process of anticipating and arranging for the disposal of an estate. Organizing your assets can help avoid family fights and prevent a majority of your estate from going to the government later. An estate plan is a collection of documents that specify how you want your financial resource and properties distributed.
Some common goals of Estate Planning
- Distribution your assets to others according to your desires
- Avoid unnecessary estate tax liability
- Medical decision when you cannot
- Designate guardianship of minor children
Here is a list of items that estate plan should include:
- Will/Trust
- Power of attorney
- Beneficiary designations
- Letter of intent
- Guardianship
Will/Trust
A will is a document which details how you want your property distributed while A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
Power of attorney
Power of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter.
Beneficiary designations
A beneficiary is a person or legal entity that is entitled to receive the proceeds from an estate, trust, and transfer on death accounts. A beneficiary can be one or more individuals or organizations, such as a trust or charity.
Letter of intent
A letter of intent is simply a document left by you to your executor or to a beneficiary. The purpose is to define what you want done with a particular asset after your death or incapacitation.
Guardianship
Guardianship is a legal process, utilized when a person can no longer make or communicate safe or sound decisions about his person and/or property.
Contact a Forest Hills, New York guardianship lawyer you can trust
For thorough and professional legal service throughout Brooklyn, Queens, Nassau and Suffolk counties, call Richard Cary Spivack at 718.544.1000 or contact online to schedule your free initial consultation.
Richard Cary Spivack is conveniently located in Forest Hills on Queens Blvd. near Union Turnpike. He is close to the Queens Criminal Courthouse. His practice serves clients throughout Brooklyn, Queens & Long Island
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