What does a Will Cover?
If you find yourself preparing for a trip, facing surgery or in some crisis that warrants quick action, and have no Will or estate planning in place, we will do our part to give you peace of mind. While there may not be time to do a full review and plan, we can provide you with a set of basic documents to cover:
- Passing of assets under your Will
- Appointing a guardian for minor children
- Designating an executor to handle your estate
- Naming an “agent” to handle your affairs if you cannot
- Appointing someone to make health care decisions for you if you cannot
- Stating your end of life care wishes
A simple plan is better than no plan at all and if you have 24 hours, we can help. We will draft and have you sign the following four documents which are the cornerstone of a basic estate plan.
Last Will and Testament
This document, also known as a Will, does two important jobs that no other legal document does:
- Enables you to name a “guardian” for minor children
- Appoints an “executor” to administer the winding up of your affairs
It also spells out how “probate” assets will pass when you die. Keep in mind it will not affect:
- Property which is jointly titled by a deed.
- Life insurance which specifies a beneficiary.
- Retirement, 401(k) or IRA benefits which pass per a beneficiary designation form.
Health Care Proxy
Appoints another to make health care decisions for you if you are unable to do so.
Living Will (aka DNR)
Specifies end of life decisions per your wishes.
Durable Power of Attorney
Appoints another as your “agent” aka “attorney-in-fact” to manage your financial and other affairs in the event of mental disability. IT’S NEVER TOO EARLY TO DO ESTATE PLANNING, BUT IT CAN BECOME TOO LATE. WANT TO KNOW MORE? PLEASE CALL AT THE LAW FIRM OF SUSAN G. PARKER, ESQ. PC (914) 923-1600, WITH ANY QUESTIONS OR CONCERNS.