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Adopting five measures will help deliver a solid Estate Plan and ensure your wishes are carried out to the letter, asserted Elder Law Attorney Vlad Portnoy.
For more information please visit https://nywillsandestates.com
The Founder of the Law Offices of Vlad Portnoy, P.C. pinpointed the need for up-to-date beneficiary designations, letters of intent, durable powers of attorney and appointment of responsible people as executors as key areas to address.
The New York based attorney said: "All these factors will help underpin a well-conceived Estate Plan, which is much more than simply writing a Will or a Trust."
A Will is a document that sets out which beneficiaries your possessions and assets will be distributed to. Getting this correct will help complete the process and avoid any confusion.
Accompanying the Will should be current beneficiary designations for retirement accounts and insurance policies that will help legally execute a person's wishes. He said: "Failing to do so means the plan's administrators could decide who is to receive those assets, even if it's not what you wanted."
Portnoy emphasized preparing a Letter of Intent as an integral part of good Estate Planning. "This document you leave for either your agent or executor guides them in implementing your wishes following incapacity or death."
A durable Power of Attorney helps in managing your assets legally if you ever become disabled. He explained: "Without a Power of Attorney, your assets could be left to the mercy of a court.’’
“A Power of Attorney enables someone you trust to engage in real estate, financial transactions, and other legal decisions on your behalf."
‘’Another must-do is appointing a trusted individual to follow the instructions contained in your Healthcare Power of Attorney. This person will make vital healthcare decisions that align with your views if you cannot make them yourself," Vlad Portnoy concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Vlad Portnoy
Email: Send Email
Organization: Law Offices of Vlad Portnoy, P.C.
Address: 450 7th Avenue, Suite 1408,New York, NY 10123
Phone: 212-920-6371
Website: https://nywillsandestates.com
Release ID: 89097926
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