When you make an estate plan, you need a will. However, you can make a will without making an estate plan. Confused? We understand, and that’s why you should talk to a Rockland County estate planning attorney today. No one likes to think about their own mortality, but having a plan for the end of your life can help make things less stressful for your family. Your first step is learning what a will and an estate plan are.
What Does a Will Do?
A will can tell people what you want to do with your property when you pass away. You can choose beneficiaries who you want to pass down your assets to. You can also assign an executor, someone who will do their best to honor your wishes once you are gone. Your property will still have to go through probate, but a legally binding will can help reduce conflict and fighting among family members.
Your will has another important function. It allows you to pick a guardian for your minor children. You can choose someone to take care of them and someone else to oversee the assets you leave for them, or you can have one guardian handle caregiving and financial responsibilities.
What Else Should Be in an Estate Plan?
Your will is just one part of your estate plan. It’s important to have a will, but there are other documents that also need to be in order. Some critical things to put in an estate plan include:
Power of attorney: If you get incapacitated, someone has to make decisions for you. There is a healthcare power of attorney and financial power of attorney. You can split the responsibility or give both to the same person.
A living will: This is sometimes called a healthcare directive. It tells people what kinds of medical treatments you would want, where you would want to be treated, and more.
Should I Hire a Lawyer When I Make an Estate Plan?
You want to make sure that you have followed all state laws when making a will. This makes the will binding and can reduce the chance of it being challenged.
A lawyer can also help you with other aspects of your estate plan. Whether you’re choosing who should get power of attorney or you want to set up a trust for charitable giving, there are all sorts of tools that our lawyers can help you take advantage of.
Contact Our Firm Today
When you are ready to learn more about your estate planning options, contact the Lauterbach Law Firm. Schedule your consultation and tell our team a bit more about what you would like to do with your assets after you pass. We can help you build a comprehensive estate plan that ensures that your wishes are honored.
