Basic Estate Planning Documents
We know you want to create an estate plan, and we know you want it to be easy…and easy on the pockets. We heard you and created “The Basics”. We are able to save you time and money by offering a streamlined process whereby you complete our form, we draft your document based on the form, we meet once (virtually) to finalize your document and you handle the signing and notary (if applicable) on your own. That’s it!
If you have minor children, out-of-state assets, rental property, a business, total assets worth more than $5.93M, or you want to leave your assets to anyone other than your spouse (if applicable) and descendants (if applicable.; descendants include children and grandchildren), then “The Basics” is not for you. But if your estate is simple, your partner/spouse and children inherit everything, and you are willing to do some work on your own, then this may be an option.
What We Need From You
- Full payment via Zelle or PayPal
- Complete your Intake Form (will be emailed to you after payment received)
What You Receive From Us
- First Draft (via email)
- Virtual 45-minute review after First Draft is complete
- If needed, we will make one-time changes based on your review session
- Final Draft (via email)
- Notary Instructions (via email)
You Are Responsible For
- Printing Your document(s)
- Signing Your document(s)
- Finding Two (2) Disinterested Witnesses to Sign Your document(s)
- Finding/Hiring a Notary to notarize your documents(s)
- If you prefer we handle this portion, then we charge $225. The notary session will take place at our office (26 Broadway, 8th Fl, New York, NY 10004)
Basic Estate Planning Documents
Basic Will
Legal document that allows you to control what happens to your assets and name who will manage your estate after you pass.
Power of Attorney (Durable)
Legal document that allows you to name who will make financial/legal decisions for you in the event you become incapacitated and can no longer make such decisions for yourself.
Health Care Proxy (HP)
Legal document that allows you to name who will make medical/health-related decisions for you in the event you become incapacitated and can no longer make such decisions for yourself.
This document allows you to decide what happens to your assets. Certain assets know where to go because a beneficiary is listed (Ex: life insurance, retirement plan, investment account), or they are co-owned (Ex: home). Everything else needs direction, and that is what the Will does. At death, your Executor (who can be anyone you like, although we strongly suggest someone local) will file your Will with the Surrogate’s Court, a judge will grant him or her permission to act as Executor, and then he/she will follow the instructions in your Will.
A NY Basic Will is for you if:
- US Citizen (spouse, if applicable, is also a US Citizen)
- Married/Never Married/Divorced
- All assets located in New York
- You desire certain assets to be transferred to certain people
- Children, including adopted or stepchildren (they will inherit your assets directly at once. If you want to control when, and how much, they inherit, then you will need a Trust which is not part of “The Basics”. If your children are minors, we suggest a Trust.)
- Home Owner (not a requirement)
- Assets total less than $5.93M
- You will not inherit assets from another person
Life is unpredictable (feel free to refer to COVID-19 and the G Subway train), but we can create safety nets for the unpredictable. If you ever find yourself unable to make decisions, or take certain actions, due to an incapacity (ex: physical disability, dementia, Alzheimer’s, etc.), you will need someone, an agent, to step in, who can make financial and legal decisions for you. This person acts as your safety net; they get things done for you when you cannot. You can grant your agent broad or narrow powers (we suggest broad because it is hard to predict your future needs), and your agent can be anyone you trust.
- Common question: Do I have to do this now, why not wait until I need an agent and then create the POA? Most of the time, when you get to the point where you need an agent, you are unable to make decisions for yourself; meaning, it is too late for you to read, comprehend and sign the POA on your own accord. You want to sign the document today when you are fully capable. Should you become incapacitated in the future, the POA you create today is valid. Maybe you will never need the POA, but let’s create the safety net to be safe.
Very similar to the POA; it allows you to choose an agent to make medical decisions on your behalf. Your agent is able to speak with your doctors, review your medical records and be involved in selecting treatment. This is especially useful for parents of children who are away at college. Once they reach age 18, you are no longer able to make those decisions; paying tuition is not enough to have authority over their medical decisions. Spouses are also not automatically given the right, so create a Healthcare Proxy in order to step in and help your loved ones.
- TIP: You may not want to create an HP for yourself, but if you will likely care for an aging parent, grandparent, or other loved one in the future, then encourage them to secure a HP/POA so you can be their agent and help them as best as possible.
Will + Power of Attorney + Healthcare Proxy
- If you purchase all three basic documents, then we are able to offer a $400 discount.