Basic Estate Planning

New York Will, Power of Attorney, Health Care Proxy Law Firm

Last Will and Testament

A Last Will and Testament is a document expressing your wishes as to how you want your estate distributed at the time of your death. A Will only applies to those assets which are solely in your own name at the time of your death and only to those assets which do not already have a designated beneficiary.

WHAT IS PROBATE?

Probate is a judicial proceeding to determine the validity of your Will and to carry out the terms of your Will. The need for judicial involvement can cause delay and unnecessary expense. Also, during this process, your creditors are afforded an opportunity to file claims against your estate.

A WILL DOES NOT PROTECT YOUR LIFE SAVINGS IN THE EVENT OF A CATASTROPHIC ILLNESS

A Will does not protect your assets. A Will can only leave what you own on your death. If your life savings has been depleted by a catastrophic illness, then your Will would become a well intentioned but meaningless document.

POWER OF ATTORNEY

A Power of Attorney is an important legal document where you give a person the legal authority to handle your finances and make other business decisions on your behalf. If you become incapacitated in the future and have not signed a Power of Attorney, then a Guardianship proceeding might become necessary.

New York State has a "Statutory Form" which contains many important powers. This form was recently revised effective September 1, 2009. This new version contains many additional important powers, such as the power to file tax returns on your behalf.

The new Power of Attorney form has numerous important changes designed to give you more flexibility and protection in deciding what powers to grant to your agent(s):

1) It allows you to appoint a "monitor" to oversee your agent(s) to make certain your agent is acting in your best interests.

2) It allows you to permit your agent(s) to collect a fee for his/her/their time spent handling your affairs.

3) It requires your appointed agent(s) to sign the Power of Attorney agreeing to serve and acknowledging their duty to act only in your best interests.

4) It provides for an optional "gift rider" for you to specify whether your agent(s) can make gifts and allows you to provide specific guidelines and restrictions for such gifts.

If you already have a Power of Attorney prepared by the Koldin Law Center prior to 1997, we recommend that you consider signing a new Power of Attorney which contains substantially more powers we believe could be helpful.

If you signed a Power of Attorney with the Koldin Law Center on or after January 1, 1997, then your Power of Attorney contains enough enhanced authority for your agent to handle your affairs in the event of a catastrophic illness. However, if you desire some of the additional features the new form offers, please feel free to contact our office.

Under this new law, the "statutory form" has the basic powers. The law then allows for substantial modification of the basic form. The Koldin Law Center has prepared an enhanced Power of Attorney which provides additional powers we feel are important if a catastrophic illness occurs.

A Power of Attorney cannot be used to make health care decisions. A separate document called a Health Care Proxy is available for New York residents.

If you do not have a Power of Attorney, or if you would like to review your existing Power of Attorney and discuss whether a new one should be prepared, please feel free to contact the Koldin Law Center .

HEALTH CARE PROXY

A Health Care Proxy designates someone to make medical decisions in your behalf in the event you become incapacitated. If properly drafted, the Proxy should include the authority to carry out your wishes regarding the removal of life support machines, feeding tubes and hydration. The Koldin Law Center is available to review your wishes regarding end of life decisions.

At the Koldin Law Center, P.C. with offices in Syracuse and Rochester, New York, our goal is to protect our clients' assets in compliance with the Medicaid rules and regulations. Our attorneys handle a wide variety of estate planning services from appointment of powers of attorney to establishing health care proxies. We represent individuals and family members with long-term illness in Monroe and Onondaga counties and throughout upstate New York.

Our lawyers have over 30 years of experience providing personal service and professional legal counsel to every one of our clients. If you are in need of a New York law firm to answer your questions and concerns regarding trusts, contact us to schedule a free initial consultation.