When a person dies their possessions will be passed on to others, and while most states have easy to understand next of kin laws regarding inheritance, a person may choose to leave their belongings to individuals outside of their immediate family. An Estate Planning Lawyer in Nassau County NY is an invaluable resource for planning for the dispersion of a person’s assets, and they will ensure any final wishes are followed. Below is a quick look at just three of the many tools commonly used by an estate attorney.
A living will is designed to act as a roadmap and guide the named executor in making healthcare decisions regarding a person’s end of life. The document will state the person’s wishes regarding life support and what medical interventions are acceptable in the event they are not able to make those decisions on their own. The executor is then charged with the job of communicating these desires to a hospital or medical care provider.
Individuals that have a substantial amount of money may wish to pass it on to another person or organization, but with a variety of stipulations. A trust is designed to protect assets by allowing a person to use any funds so long as specific criteria are met. It may also reduce the overall inheritance tax required at the time of a transfer and will prevent the named trustee from bequeathing any of the funds to their own family.
One of the most utilized tools is a standard will, which is a written declaration of what a person wishes to occur upon their death. It will usually layout information about their funeral service and how they want their remains memorialized. An Estate Planning Lawyer in Nassau County NY will also use a will to ensure that any assets are disposed of according to a person’s last desires.
If a person is tired of stressing what could happen when they pass, it may be time to take action before the inevitable occurs. The legal team at The Law Offices of Peter Morra will assist an individual in creating safeguards that will preserve their assets and respect their desires. Click Here to learn more or call today to schedule an estate evaluation.