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Interesting / Useful Sites
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New York Wills Package
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Your Will allows you to determine and direct how your property will be distributed and to whom upon your passing. You can name the
individual that will administer the final affairs of your Will. You can also name a Personal Guardian to care for your minor children, if
any. Handbook. NY Wills Package. NY Will.
Living Trusts in New York
Your Revocable Living Trust is one of the most important and flexible methods that can be used to avoid probate. Using this method,
you put the property you want under the control of your Revocable Living Trust. However, since you name yourself to manage this Trust
and you name yourself as the beneficiary, you are still in control of all your property. In addition, you can make changes to the Trust
terms, add or subtract property, or even totally revoke the Trust during your lifetime. Handbook. NY Living Trust.
The Health Care Proxy in New York
Your Health Care Proxy allows you to name an individual that can make health care decisions for you when you are unable to do so
yourself. If desired, you can provide directions for this individual to follow. If so, you could direct that all life-prolonging procedures and
treatments be provided. Alternatively, you could also direct that there should be no unnatural life-prolonging procedures or treatments.
There is a wide range of directions that you can provide and the choice is yours. Handbook. NY Health Care Proxy.
Living Wills in New York
A Living Will is totally different from the Will described previously. A Living Will would be easier to understand if you called it a Directive to
Physician. That is, in the Living Will you are giving directions to your physician as to the types of medical treatment you want or don’t
want. It is often used to refuse extraordinary treatment when there is no hope of recovery. Handbook. NY Living Will.
The Durable Power of Attorney in New York
Your Durable Power of Attorney allows you to name an individual that can make financial decisions for you at your direction, or when you
are unable to do so yourself. You will specify the powers and actions that this individual is allowed to exercise on your behalf. These
powers can be as broad or as limited as you decide. Handbook. NY Durable Power of Attorney.
Avoiding Probate in New York
You will want to avoid unnecessary delay and court costs, as well as administrative, professional and legal fees. This is often referred
to as avoiding probate. (As a rule of thumb, you should consider avoiding probate if you have more than $20,000 in property.) Probate is
the process of proving that a Will is valid and includes the processes of administering, gathering and distributing of the property that are
distributed through your Will. Handbook. NY Living Trust. NY AB Living Trust.
Avoiding Federal Estate Taxes
You will want to avoid as much in estate taxes as you can. Yes, even when you pass away, Uncle Sam will come around one last time
for his share. These estate taxes are also sometimes known as death taxes. Handbook. NY AB Living Trust.
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