Estate Law in NYC - Wills, Trusts, Healthcare Proxy
Monika Ellacott August 20, 2019
The Law Office of Monika Ellacott. Trusts & Estates, Domestic Relations, Real Estate, Immigration, Civil and Business & Commercial Laws.
Will sets forth the directions with respect to distribution of your assets after death. Without properly executed will, the laws of intestacy will apply. Many clients assume that the laws of intestacy will suffice, but it is not always the case. A will can make you accomplish a number of prerogatives:
- distribute your life time earnings to your loved ones,
- designate the guardian for your minor children, and make sure that their financial needs are met,
- provide for a person with special needs,
- minimize taxes,
- support a charitable cause.
Trusts are based on the concept that the property is held by one party for a benefit of another.
The trusts avoid a lengthy and costly probate, and assure a privacy. Living trusts are created during the life time of the grantor. Living trusts can be revocable and irrevocable. The revocable trusts can be modified at your wish. However, the irrevocable trusts provide tax benefits but are more rigid.
Testamentary trusts are created in the will, they do not avoid the probate but provide tax benefits.
Healthcare proxy is document in which you give the power to another person, for example a family member, to make medical decisions for you after you have lost the ability to make decisions yourself. By appointing a healthcare agent you can make sure that healthcare providers follow your wishes.
You may give the person you select as your healthcare agent as little or as much authority as your wish.
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