During estate planning many documents are prepared in order to designate an agent or agents in the event that you are not of sound mind and body and unable to make decisions on your own, such as a health care proxy, a living will, and a power of attorney. Additionally, New York State Public Health Law § 4201 allows a …
Breaking Down the Basics – Some Farm Estate Planning Definitions
Knowing these basic estate-planning definitions may be helpful in any conversation you may have with an estate planning professional: A Last Will and Testament (usually just called a “will” for short), is a document that gives your directions on what to do with your property when you die. It takes effect only after you have actually died, and it must …
Overview of Common Estate Planning Documents for Farms
Despite popular belief, the succession and estate planning process is more than just getting a Last Will and Testament – it’s taking a solid look at your estate planning goals and coming up with a plan that works for you and your family farm (no matter the size). I think it’s really important for family farms to “improve the default …