The defining moment in a person’s life is their acceptance that they simply do not control everything. This moment is especially crucial when you understand it from the vantage point of your finances and affairs. Do you have children? Do you have assets? Do you want to decide what happens to that in which you love after you pass away? If you answered yes to all three questions then you are ready to embark on setting up an appropriate estate plan. Estate planning is not just about preparing a last will and testament. This area of law is comprised of a multitude of nuances that may have an impact on you while you are living and after you pass away.

Aside from death, incapacitation is another tragic moment in your life that people do not think about. If you are dealing with a debilitating disability, how will your bills, business transactions, and affairs be taken care of if you are completely bed ridden? Contacting a Queens Estate Planning Lawyer will provide you with the necessary guidance to help you during such a difficult time. The most important step is planning ahead. If you are prepared for a consultation, you can contact Mishiyeva Law, PLLC., at (646) 535-1667 for more information.

With a Last Will and Testament, you outline how you want your property to be handled after you passing. Whether you want it to go to your children or be donated to a charity, you decide. In the event you have children that you care for or are the guardian of a mentally/physically disabled person, you can state in your will as to who should be the new caregiver in the event of your death. Be mindful that when you have a last will and testament it will need to go through the verification process called probate in Surrogate’s Court.

A Queens Estate Planning Lawyer not only takes into consideration of the events that require planning during your death, but they also examine what needs to be done while you are still living. Below are crucial tools that should be incorporated into your estate plan to ensure you always retain control of your affairs:

Power of Attorney: When you appoint a power of attorney, you select an individual or a group of individuals to perform various tasks that you need done. You specify how much power they have and what their limitations are. When should you create a power of attorney? You should create it in the event that you need your bills paid for, you desire someone to represent you during an audit, or you have a real estate transaction that requires your presence. With a power of attorney, you select a representative to represent you and sign off on documentation and conduct financial transactions on your behalf.

Living Will: End of life decisions should be made by you, not the state. With a living will, you decide ahead of time on whether you want to be taken off life support.

Trust: A trust is a powerful tool that allows you to dictate how and when your assets should be transferred. Your property is held by the trust and a trustee manages the funds and the disbursements. A trust is an important tool which can be used to avoid probate as well.

When retaining a Queens Estate Planning Lawyer, you retain an attorney who will work as a watch dog that ensures your finances and personal affairs are dictated and controlled by you.