Wills, Living Wills, Power of Attorney

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Bronx Lawyer for making Wills, Living Wills, and Power of Attorney

Wills, Living Wills,
and Types of Power of Attorney

It may feel morbid to talk about how your loved ones will move on after your death, but it’s better to secure their future after you are gone than to leave it up to chance. A last will and testament will go a long way, and a good New York City estate planning attorney can help.

There are different kinds of wills, different times at which they should be applied, and different steps you should take to protect your assets and your family. Your last will and testament are essential for providing for your family in the future. However, a last will and testament only becomes a legally binding document after your death.

The living will attorneys at the Law Offices of Diron Rutty can help ensure that your will represents your interests throughout all the potential changes that may occur from now and into the future.

Why Would You Need an
Estate Planning Attorney After You Write Your Will?

You might find yourself in a situation that demands changes to your last will and testament. You have the right to make changes as long as you can prove to be mentally coherent. An attorney can help you make these changes, record when they were changed, and make sure they legally supersede any prior wills.

The Law Offices of Diron Rutty can help with all of this. Some of the reasons why you might need to adjust your will include the following:

  • Divorce or other changes in marital status
  • The birth of more children
  • Death of family members
  • New job or other general changes to your financial situation
  • Changes in how you want your assets distributed
  • The addition of power of attorney
  • The addition of health care directives to your plan
Estate Planning Attorney in New York City

What Goes
Into Your Estate Plan?

Your basic estate plan should consist of a will, a healthcare directive, and a power of attorney. It can also include plans for trusts if you wish to have them as well. All of these should be written to meet your individual needs.

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Estate Planning
Begins With Creating a Living Will

A last will and testament is the most familiar and most important part of one’s estate plan. A will allows you to express your legal wishes regarding your property and dependents after death, and avoid requiring your family to need a probate attorney. This includes:

  • Giving directives as to who gets your property upon your death
  • Naming a guardian for your young children
  • Naming your executor (the person you want to handle your financial and/or health affairs and oversee the probate process

The Different Types of Wills

There are several types of wills, each serving different purposes and catering to specific needs or circumstances. Here’s an overview of the most common types:

1. Simple Will

  • What it is: A straightforward document that outlines how your assets will be distributed after your death.
  • Best for: Individuals with uncomplicated estates and clear wishes for asset distribution.
  • Key features: Names beneficiaries, appoints an executor, and may include guardianship for minor children.

2. Testamentary Trust Will

  • What it is: A will that creates a trust upon your death to manage and distribute assets to beneficiaries.
  • Best for: People who want to provide for minor children, individuals with special needs, or beneficiaries who may need financial oversight.
  • Key features: Assets are placed in a trust, and a trustee is appointed to manage them according to your instructions.

3. Living Will

  • What it is: A legal document that outlines your wishes regarding medical care and end-of-life decisions if you become incapacitated.
  • Best for: Individuals who want to ensure their healthcare preferences are followed.
  • Key features: Covers decisions like life support, resuscitation, and organ donation. It does not distribute assets.

4. Joint Will

  • What it is: A single will created by two people (usually spouses) that outlines how their combined assets will be distributed.
  • Best for: Couples who want to ensure their assets are distributed in a specific, agreed-upon way.
  • Key features: Typically, they cannot be changed after one party passes away, which can be restrictive.

5. Mutual Will

  • What it is: Similar to a joint will, but it involves two separate wills with reciprocal terms. Both parties agree not to change their will after the other dies.
  • Best for: Couples who want to ensure their assets are distributed in a specific way and prevent changes after one partner’s death.
  • Key features: Legally binding agreement between the parties.

6. Holographic Will

  • What it is: A handwritten will that is signed by the testator (the person making the will).
  • Best for: Individuals who need to create a will quickly or without legal assistance.
  • Key features: May not be valid in all states or countries, and can be more easily contested due to a lack of witnesses.

7. Oral Will (Nuncupative Will)

  • What it is: A verbal will spoken in front of witnesses, often in emergency or life-threatening situations.
  • Best for: Situations where a written will cannot be created in time.
  • Key features: Rarely recognized and often limited to specific circumstances (e.g., military personnel or terminally ill individuals).

8. Pour-Over Will

  • What it is: A will that transfers any remaining assets into a trust upon your death.
  • Best for: Individuals who already have a living trust and want to ensure all assets are included in it.
  • Key features: Acts as a safety net for assets not already placed in the trust.

9. Digital Will

  • What it is: A will that specifies how your digital assets (e.g., social media accounts, online banking, cryptocurrency) should be managed or distributed.
  • Best for: Individuals with significant digital assets or online presence.
  • Key features: Covers access to and management of digital accounts and files.

10. International Will

  • What it is: A will designed to be recognized across multiple countries.
  • Best for: Individuals with assets in different countries or who live abroad.
  • Key features: Must meet specific international legal standards to ensure validity in multiple jurisdictions.

11. Military Will

  • What it is: A will specifically created for active-duty military personnel.
  • Best for: Members of the armed forces who want to ensure their wishes are documented while serving.
  • Key features: Often simplified and may be created under special legal provisions for military members.

Each type of will serves a unique purpose, and the right one depends on your personal circumstances, assets, and goals. It’s always a good idea to consult with an attorney or estate planning professional to ensure your will is legally valid and aligns with your wishes.

You Can Choose to
Add a Power of Attorney

If you use a will to plan your estate, it is important to consider powers of attorney. A power of attorney designates a trusted individual to make decisions about your financials, your medical decisions, and or your property decisions. If you pass away or lose mental capacity, whether naturally or after a personal injury, your power of attorney can make decisions on your behalf.

These responsibilities can be split amongst several different people and include:

  • Transferring real estate
  • Handling a bank account
  • Handling a trust
  • Deciding on your healthcare
  • Having the final say on situations that aren’t detailed in your will

In your will and power of attorney documents, the power to make decisions on your behalf is not given until you die. A power of attorney allows you to give someone the power to make decisions if you are incapacitated. Therefore, you should create a living will and designate power of attorney. This will allow a relative or a trusted friend to manage your financial affairs for you in the event you are no longer able to.

Contact the Living Will Lawyers at the Law Offices
of Diron Rutty, LLC for Help

To discuss your estate plan or need help creating a living will, you can contact our living will attorneys. We can be reached at 718-324-0404 in New York City, 845-849-9201 in Poughkeepsie, NY, use the form below, or email us at info@DironRuttyLLC.com.

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