Creating a comprehensive estate plan is one of the best ways an individual can prepare for the future and protect what they have worked so hard for over the years. An individual should make sure to have an estate plan can allow them to make decisions on how financial assets will be distributed, who will make medical decisions on their behalf if they no longer can, among many other things. There are many different components of an estate plan that an individual in Rockland County may want to consider.
- Will: Drafting a will is arguably the most significant part of any comprehensive estate plan. This is the part of an estate plan where an individual can name specific beneficiaries who will inherit the assets of their choosing. If an individual dies without a will, they are considered intestate, causing the surviving family to face potential legal issues and additional turmoil during this difficult time.
- Trusts: Trusts can allow an individual to pass financial assets to a beneficiary in a way that allows the decedent to retain control over the estate and benefit from tax implications.
- Power of Attorney: Power of attorney is a tool that can allow another individual to sign on one’s behalf if they become ill, incapacitated, or otherwise cannot be present for the signature.
If you need assistance creating an estate plan, contact our firm today.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.
