Much of estate planning consists of taking steps to proactively preserve your wealth and decide who will receive your assets. There are both simple and sophisticated means of accomplishing these tasks, and your unique financial circumstances will determine which approach is best for you.

At Roven Law Group, P.C. our Manhattan estate planning lawyers can assist you with:

• Wills. Your last will and testament allows you to decide who will inherit your assets. You can also name a guardian for your minor children and a personal representative to manage your estate once you pass away. The contents of wills are public, subject to probate, and frequently contested. While the will can be an important document, it should not generally be the only component of your estate plan.
• Trusts. When you create a trust, you select a successor to manage the trust’s assets on behalf of your chosen beneficiaries. Many types of trusts are available, and these tools are highly customizable. A revocable living trust, for example, allows you to distribute assets to beneficiaries while avoiding probate, and you can modify the terms of the trust throughout your lifetime. An irrevocable trust cannot be modified but can be used to facilitate asset protection. We regularly help parents create trusts designed to cover their children’s higher education expenses. Because trusts are so flexible, you can specify that your child will receive regular disbursements until they reach a predetermined age.
• Advance Directives. Part of estate planning involves considering what will happen if you become unable to communicate. It is important to specify what types of medical treatment you wish to receive or not receive in the event that you become hospitalized and unable to serve as your own advocate. In your advance directive, you can include instructions for antibiotics, resuscitation, intubation, organ donation, end-of-life care, and more.
• Powers of Attorney. Authorizing a power of attorney allows a trusted agent to act on your behalf should you become incapacitated. Many choose to appoint financial powers of attorney to manage their financial affairs, and medical powers of attorney to enforce advance directives. You determine the scope of your power of attorney’s authority.