Estate planning is a vast area of law that is impactful during your life and afterlife. To understand when estate planning can apply, envision the following situations:

• You have caught an illness which requires you to stay home and rest. Unfortunately, you have a real estate closing that you must attend to in order for the transaction to be successful. You also need to provide the banking institution with a large sum of money to complete the transaction. In such a scenario, preparing a power of attorney would allow you to appoint an agent who will act on your behalf.
• You have an adult child that requires constant supervision due to a mental incapacity. Without being appointed as a guardian, you will be unable to dictate the exact care they need both medically and financially.
• You own several rental properties but are concerned that during your passing, your irresponsible child will mismanage the property and eventually lose all of the wealth that you have built. In this situation, you can have a trust prepared by a Staten Island Estate Lawyer in order for the trustee to manage disbursements as well as the property on behalf of the trust.
• You are approaching the age of senior citizenship but have not fully contemplated your Medicaid needs, long-term health care needs, and nursing home financing options. With a Staten Island Estate Lawyer, you retain an attorney who understands the various nuances of Elder Law which deals with the needs of the elderly.

As displayed above, the need for proper estate planning can not only be useful but necessary to ensure your day to day needs and affairs run accordingly.

• Last Will and Testament: An estate planning tool outlining who should receive your property in the event of your death along with who should be appointed as the guardian of your children.
• Irrevocable and Revocable Trust: A financial instrument that takes ownership of your properties and funds which are managed by a trustee who has specific directives as to how the funds should be transferred and managed.
• Beneficiary Forms: When you have various retirement accounts, this document names who the beneficiary should be in the event you pass away.
• Durable Power of Attorney: A tool used to appoint a personal representative to conduct transactions and decisions on your behalf.
• Living Will: Used for end of life decisions.
• Assets Inventory: A listing of your assets so it is easier for the executor, administrator, or personal representative to identify your property.

If you need a Staten Island Estate Lawyer, contact our firm at (646) 535-1667. We are located on 85 Broad Street 18^th Floor, New York, NY 10004. Our firm’s legal concentration deals with estate planning, Medicaid planning, Elder Law, trust and will preparation, probate and estate administration, guardianships, estate litigation, and asset protection. You can follow us on Facebook, Twitter, and LinkedIn, to be updated on the latest estate and probate news.

We service the following neighborhood in Staten Island: Huguenot, Bay Terrace, New Dorp, Great Kills, Livingston, Prince’s Bay, Silver Lake, Todt Hill, New Springville, Oakwood Beach, West Brighton, Lighthouse Hill, Castleton Corners, St. George, Rosebank, Eltingville, Stapleton, Bull’s Head, Westerleigh, & Port Richmond.