Estate Planning in New York can include the creation of a number of different papers such as a Last Will and Testament and Living Trust. Also, a person may prepare a Durable Power of Attorney, Living Will and a Health Care Proxy.
At the outset of the drafting of these papers, it is important for the creator to fully ascertain the nature of his assets and the manner in which title to them is held. Also, the creator should carefully consider his intentions so that decisions can be made regarding the dispositions to be contained in the documents. The New York Probate Lawyer Blog has discussed these matters in earlier postings.
The creator’s goal is to clearly and explicitly set forth his intentions and desires regarding his assets and his beneficiaries. A Will or Trust may contain specific gifts of a designated amount of money. There may be dispositions that provide for a beneficiary to receive a certain percentage of an estate or fund. Percentages are a good way to dispose of assets since it may be difficult to determine a person’s exact monetary estate at death which may not occur for many years after the estate planning papers are prepared.