When you create your estate plan, understanding what you can do to ensure your wishes are carried out is vital. Unfortunately, if there are issues surrounding your estate plan, you may not realize that your plan cannot be executed as planned. This is devastating as your beneficiaries will not get the assets you left them. If you want to ensure that your plan is legally binding, a Putnam County estate planning attorney can help. Keep reading to learn the additional steps to take to protect your estate.
What Estate Planning Documents Should I Consider Establishing?
If you haven’t started planning your estate yet, the most important thing you need to consider is setting up your last will and testament. This document is the holy grail of estate planning, allowing you to detail what you would like to happen to your assets after you pass. You can name who you would like to receive funds, properties, or assets, name guardians for minor children, and detail your burial wishes.
You may also want to consider setting assets and funds aside in a trust. This holds assets until the terms are met in which the trustee, or manager of your fund, can distribute them to the intended beneficiary. You may also want to consider granting power of attorney to someone, as this allows them to make decisions on your behalf. For example, if you are going on an extended vacation, you may want your business partner to make financial decisions on your behalf. Similarly, if you become incapacitated, you may want your child who is a healthcare worker to make medical decisions if you cannot.
How Can an Attorney Help Me Ensure My Plan is Legally Binding?
There are several factors that can influence the validity of your estate planning documents.
Something as simple as forgetting to sign the document in the right place can render the entire document invalid, making it essential to create a plan under the guidance of an experienced estate planning attorney.
Also, if the language used in your will, trust, or power of attorney contradicts New York law, it can be ruled invalid. You may not realize that the phrasing is contradictory, making it essential to have an attorney review your plan. If there are any issues with the plan, they can help reword it so it adheres to state laws while also sticking to your wishes when possible.
If you are worried about the accuracy of your estate plan or haven’t started creating the documents necessary, enlisting the help of an experienced attorney is essential. At the Law Offices of Andres D. Gil, we can help with almost any issue you may face when it comes to ensuring your estate plan is legally binding. Contact us today to learn more about how we can help you through these issues.