There is general agreement that it is important to prepare a New York Estate Plan. The documents that may be considered in planning include a Last Will and Testament, Health Care Proxy, Power of Attorney, Living Will and Revocable Trust. Some of these papers are referred to as advance directives.
When a person prepares a Last Will, the document is comprised of many different provisions. There are dispositions of a person’s assets which may be comprised of specified assets or bequests. Other dispositions may be in more general terms such as the disposition of the residuary estate.
Another very important part of a Will is the nomination or designation of fiduciaries such as Executors and Trustees.