There are many components to each estate plan, including the type and quantity of assets you have as well as your particular goals. While the majority of our clients are elders or the children of elderly parents, it is rarely too early to take control of your estate.
The most essential advanced directives are: Wills, Living Wills, Health Care Proxies and Powers of Attorney. A Will directs the distribution of your assets according to your wishes after death. A Will may also specify a guardian for a minor child or create trusts. A Living Will sets forth your wishes regarding heroic measures to keep you alive. The Health Care Proxy appoints an agent to carry out and make your health care decisions if you are unable. The Power of Attorney appoints an agent to make financial decisions on your behalf when you cannot. If these documents are absent when needed, serious consequences can result.
Unlike many other law firms, our experienced Long Island estate planning attorneys and staff understand that simply creating the plan is not enough because each plan must be properly executed. A trust that is drafted but not properly funded will leave a client with a false sense of security about their status. Having a thorough estate plan can result in complete control over asset protection, qualifying for long term care Medicaid, your inheritance and it avoids burdening others with making difficult decisions. With so many benefits of an estate plan, it is obvious that every individual, no matter how old, affluent or healthy, should have an effective estate plan in place in order to protect him or herself and loved ones.