Estate Planning. What is it and How Does it Work?

02.01.2024

The most popular tool in this field is the Will, Power of Attorney and Health Care Proxy.

Testament

It is a written disposition of one's assets in the event of death, prepared strictly in accordance with the provisions of New York State statute. A will may be amended in part or revoked in its entirety at any time during the testator's lifetime; the will only becomes legally effective at the time of death. A will cannot be written or revoked by a representative. After a person dies, a will must be filed with the court and a probate case must be conducted. If we do not have a will, in the event of death, the deceased's property will be transferred to the heirs according to the law (intestate inheritance). State law, however, may or may not coincide with the deceased's last will.

Authorization, i.e. "power of attorney"

This is a written declaration in which a person (called Principal) appoints one or more people (called Agent) to make all day-to-day decisions in the event of incompetence, illness or inability to act on his or her own behalf. For example, to conduct banking transactions, to sell real estate, to apply for medicaid. Such a document may be revoked by the person giving the authorization (principal) provided that he is fully aware of his actions.

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