Sheryll Law, P.C. offers estate and trust planning services crafted for Long Island residents.
Protect Your Legacy With an Estate Plan
You might not know what the future holds, but that doesn’t mean you can’t be prepared. With the right estate and trust planning strategy, you can maintain control of your health care decisions and assets today while seamlessly transferring control to a trusted loved one if you become incapacitated. The plan will also ensure that your last wishes are honored when you pass away.
Your estate plan can address a multitude of issues, including paying for long-term care, ensuring minor children are cared for, and distributing your assets to loved ones. Instead of waiting until the last minute to plan your estate, contact Sheryll Law, P.C. today.
Key Elements of an Estate Plan
Sheryll Law, P.C. customizes estate plans for New York residents. While each plan differs, they do contain key elements.
- Last Will and Testament
- Trust Planning
- Power of attorney
- Health care proxy
- Living will
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Wills and Trusts
Putting your trust into the trusted hands of an experienced trust and estate planning attorney is a gift of peace of mind that your loved ones will appreciate through the hardships that come with death.
When you pass away, the property inside the trust goes to the beneficiaries immediately, without passing through probate. Along with avoiding probate, a trust can reduce the tax burden. You will transfer property into the trust, but it is still yours while you are alive.
Probate is often confusing and complex. Proper estate planning alleviates the worry of what happens after you die. Creating a will to ensures that your final wishes are honored. These wishes can include how your assets are distributed, who will care for minor children, and details regarding your funeral. Your will won’t go into effect until you pass away.
Advanced directives are also a part of an estate plan. These directives protect you if you become incapacitated and can no longer make financial or health care decisions. You can outline your end-of-life decisions in a living will. Health care professionals will honor the decisions made in the living will if you are unable to make decisions yourself.
Health Care Proxies allows you to choose a person to assist with making medical decisions if you become incapacitated. You can also create a power of attorney to assist with financials. This document allows you to choose a person who will manage your financial affairs if you become incapacitated. These documents can save your family from the heartache of having the court appoint a guardian.
Risks of Not Having An Estate Plan
Our Firm has seen far too many New York residents pass away without an estate plan. Without an estate plan, your family might battle with one another to make health care and financial decisions if you become incapacitated.
Common Concerns are:
- Who will receive your home?
- Will your children be taken care of?
- How will your assets be distributed?
- How will your legacy be preserved?
You can avoid these problems by having a thoughtful estate plan in place. Remember, you don’t know what will happen tomorrow, so it’s prudent to create your estate plan while you are in good health. Plan for the worst hope for the best.
Reason To Have An Estate Plan
An estate plan collection of ever evolving documents, meaning it can evolve to address major life milestones. At first, you might create an estate plan to ensure your children are protected if you pass away. As your children grow older and leave home, your focus might shift to ensuring you are taken care of as you age.
Major Life Milestones
- Birth of a Child or Grandchild
- Purchasing a Home
- Selling your Business
- Divorce or Separation
Communicating with your estate and trust planning attorney ensures we are here for you today and here for you tomorrow.