Some people think that it’s necessary to amass a fortune before planning an estate becomes necessary. The fact that everyone needs to engage in this activity. Opting to see an estate planning lawyer in Beacon, NY, makes it possible to prepare the essential documents that serve as a basis for the process. Here are two issues that the lawyer will address immediately.
Create a Last Will and Testament
A last will and testament ensures that there’s no question of who should receive what once the party passes away. From personal belongings to cash, the document indicates who will receive something from the estate. In some cases, the text of the document will specifically name individuals that the client intentionally chooses to not receive any property or belongings at all. This one document sets the stage for all other estate planning activity.
Draft Documents That Protect the Estate
The estate planning lawyer in Beacon, NY, will also want to create documents that protect the estate in the event the owner becomes unable to manage those assets. For this reason, the lawyer is likely to recommend drafting a medical power of attorney, a living will, a financial power of attorney, and possibly some sort of trust fund. Trusted individuals are named to manage the affairs of the client in accordance with the provisions included in each document.
There may be other aspects of estate planning that need to be addressed. During the consultation and additional meetings over time, the lawyer will help the client fine-tune the planning and ensure nothing is left unaddressed.
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