A New York Estate Plan can involve the preparation and execution of a number of different papers. To begin with, it is important that an individual consider advance planning documents which include a Durable Power of Attorney, a Living Will and a Health Care Proxy. Advance planning allows a person to select the agents that can make property and personal needs decisions and the documents can provide directions and an expression of intent as to the manner in which a persons affairs are to be handled. Additionally, such papers can help avoid the necessity of obtaining the appointment of an Article 81 Guardian.
Another consideration is the creation of a Living Trust which can provide both lifetime and post-death provisions for property disposition. Finally, a Last Will provides for the manner in which a decedent’s administration estate is to be settled and distributed. A Last Will can contain many different types of bequests and can provide for tax planning and the creation of testamentary trusts including the creation of a Supplemental Needs Trust. Continue reading