When people think of estate planning, they likely think of simply drafting a will. However, there is so much more to include to ensure all of your assets are transferred seamlessly upon your incapacitation or death. At Gulotta & Gulotta, our estate planning attorney in Lake Grove NY would like to share some essential estate planning must-haves! Continue reading to learn more!
Estate Planning Must-Haves
Estate planning is not something that is reserved for the wealthy. Every individual can benefit from ensuring their finances and assets are appropriately managed after their death. Several specific documents are necessary, so working with an estate planning attorney in Lake Grove NY is crucial to ensure a successful plan. If you’re wondering if your estate plan measures up, here is a helpful checklist to ensure no decisions are left to chance:
- Letter of Intent – A letter of intent is a document left to a beneficiary or executor. The purpose of this document is to declare what you want to be done with an asset after your incapacitation or death. These letters can provide special requests or funeral details.
- Wills and Trust – A will or trust is essential to every estate plan regardless of your assets. A will ensures that your property is distributed according to your wishes.
- Power of Attorney – A durable power of attorney (POA) is essential so the person you assign will act on your behalf if you cannot do so. Without a POA, the court may decide what happens to your assets.
- Healthcare Power of Attorney – A healthcare POA designates an individual to make crucial healthcare decisions on your behalf should you become incapacitated.
- Beneficiaries – Designating a beneficiary is essential to ensure your possessions are passed on to your heirs.
A will is only the beginning of your estate planning journey. Estate planning is essential to ensure your family members and other beneficiaries are provided for and have access to your assets.
Contact Us: Estate Planning Attorney in Lake Grove NY
Sometimes unexpected circumstances in life occur. It’s best to be prepared and have a well-executed estate plan in place so that you can be confident that all of your affairs are in order. At Gulotta & Gulotta, our team will help you draft your estate plan and keep you prepared. Be sure to contact our estate planning attorney in Lake Grove NY today to learn more and request a consultation!
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