New York Estate Planning Lawyer Discusses The Four Key Elements Of Estate Planning

March 2, 2020. NY – Estate planning is considered a morbid topic that many people would rather avoid. But deciding who will inherit their assets after they are gone is important to the future of their family and loved ones. Without a viable plan for their assets and affairs, they could have a long-lasting and expensive impact on their loved ones.

Kristine M. Carranceja-Gurski is a New York estate planning lawyer from The Matus Law Group. She offers in-depth guidance on what every individual should know about the key elements of estate planning.

“It may not be as fun as planning your next vacation or that big purchase on your agenda, but estate planning is a lot more important if you really love your family and friends,” says Kristine. “Without it, they won’t know what to do with your belongings once you are gone, and you won’t have the opportunity to choose who gets everything you worked so hard for.”

However, more than half of all US residents don’t have trusts or wills. Although these documents are essential to ensure that a person’s assets are divided according to their wishes in the event of their death, many Americans consider them unnecessary. It is erroneously believed that estate planning is only for the rich.

This New York estate planning lawyer is on a mission to convince New Yorkers that they need a plan even if they don’t have an expensive home, valuable art, a formidable antique collection, or a large IRA to pass on.

New York estate planning attorneys like Kristina help locals set up the four key elements of estate planning. These include the last will and testament (commonly referred to as the ‘will’), healthcare power of attorney documentation, financial power of attorney documentation, and trust documentation.

The will details what an individual envisions for their assets and names the people set to inherit them. If an individual doesn’t leave a will, their assets will be probated or administered according to New York City laws. An asset is probated if it’s worth over $30,000 and administrated through a “small estate proceeding” if it’s worth under $30,000.

The estate planning lawyer added to her statement, saying, “A detailed, legally binding plan will help you ensure your loved ones receive the assets the way you want, allowing them to sidestep a potentially painful probate process.”

Experts believe that it’s best to draw up a will after milestones in one’s life, such as marriage or divorce. New parents should also consider transferring the right of guardianship to a friend or family member to take care of their child in case of their absence or death.

Another vital estate planning document is the Healthcare Power Of Attorney (HPOA), i.e., an advanced medical directive or a ‘living will’. This legal document lets people nominate a friend or family member to make health-related decisions in case of a terminal illness or other incapacitation.

Similarly, it’s wise to set up a trust if one needs to provide routine care to older people or a steady income for heirs. It can also specify how assets should be used under certain circumstances or in the event of large expenditures.

The Financial Power Of Attorney is to name another person to take care of the financial decision-making in one’s absence.

New York estate planning lawyers like Kristina at the Matus Law Group understand how to advise clients about estate planning according to their particular circumstances. It is crucial to get ready for the possibility of mental disability, physical incapacitation, and even death, and estate planning is an integral part of this preparation. The right attorney has years of mentoring, legal education, and professional experience to help clients in every aspect of their estate planning strategy.

About Matus Law Group

Matus Law Group is a team of talented attorneys, paralegals, and administrators dedicated to helping NJ and NY natives find legal relief. They provide assistance in real estate transactions, estate planning, and set up special needs trusts.

Read more about the four elements of estate planning in New York in the latest blog post on the Matus Law Group's website.

https://matuslaw.com/what-are-the-four-elements-of-estate-planning-in-new-york/