Bronx Estate Planning Lawyer
There are various aspects in your life that may require the retention of legal services. If you have been in a car accident, you can call a personal injury lawyer. If you are opening a new business, a business lawyer may be necessary.
The aforementioned areas of law have one thing in common, which is that chances are those particular life events such as a starting a business or incurring such serious personal injury damages as to require the assistance of counsel will likely not happen. There is however one area of law that will typically always be incorporated into someone’s lifetime and that is Estate Law. Estate law encompasses a large array of sub categories that apply to individuals from a young age all the way to the senior population. Having a Bronx Estate Lawyer by your side is advisable for various reasons as shown below.
Bronx Estate Planning
If you have any assets or minor children, estate planning is a crucial tool at your disposal to ensure your wealth and children are taken care of properly at the time of your death. By preparing a will, you outline to whom your property should be transferred to. It can be to an individual, a business, or a non-profit organization. The decision is made by you when you have the appropriate estate planning documentation prepared. If you pass away intestate (with no will prepared), state law will dictate how your property should be distributed.
If your family consists of minor children or an adult with special needs, without a last will and testament, state law will once again dictate how these dependents should be taken care of and by whom. By naming the proposed guardians on paper in the event of your passing, you take control of your dependents’ future, not the court system.
Advanced Estate Planning Tools
Aside from implementing a last will and testament, you have other tools such as a trust, an advanced healthcare directive, a power of attorney, and HIPAA release form.
Trust: A trust can take two separate forms; revocable (you can modify it as you please) or irrevocable (no modifications are allowed). A trust is essentially a separate entity from yourself where your assets are placed. These assets are managed by a trustee and distributions are made based on your specified directives. An irrevocable trust is a great tool to save on estate tax and qualify for Medicaid benefits during your life. Both revocable and irrevocable trusts are immensely beneficial if you want your estate to avoid going through the process of probate when a will is in place.
Advanced Healthcare Directive: This form is a powerful tool that goes into effect when you are unable to communicate your wishes. You are essentially stating in advance what your healthcare preferences are, which hospital you want to be placed in, and which tests should be associated with your medical needs. If you are over the age of 18, we highly recommend you complete this document.
Power of Attorney: It may be the case that you become debilitated due to injury or sickness. As we all know, bills are not placed on hold until you regain your health or important decisions that need to be made for your business do not wait on your return. By appointing a power of attorney, you choose a trusted individual to deal with your financial affairs. You specify their powers and limitations.
HIPAA Release Form: This form allows the people you select, whether it be a family member or a friend, access to your healthcare information such as medical records in case insurance matters need to be tended to and you are unable to do so.