FAQs About Estate Planning in Rochester, NY

​​What is Estate Planning?​

Estate planning is the process of organizing and arranging your assets and affairs to ensure that your wishes are carried out after you pass away or if you become incapacitated. This allows you to take control over how your property and decisions are managed in the future, providing peace of mind for you and your loved ones.​

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Will I ever need to update my Estate Plan?​

Creating an estate plan is only the first step. It is essential to update and maintain your estate plan as your circumstances change. Any time there is a change in your family situation, the value of your assets, or the law, it is time to review your estate plan to make sure it continues to work as intended.

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What is the definition of a Will?

A will is a legal document that outlines how you’d like your assets, property, and personal belongings distributed after your passing. It is the cornerstone of most estate plans. If you do not prepare a will, your property may be distributed according to New York’s intestacy laws, which allow the court to decide who inherits your probate assets—meaning any assets that are solely in your name at the time of your passing.

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Is a Living Will different from a standard Will?

A living will is different from a last will and testament. While your last will explains how you’d like your estate handled after your death, a living will dictate your wishes while you are still alive but are in an unconscious state or unable to express yourself. It addresses questions such as what you would like to happen if you can no longer breathe on your own, require feeding tubes, whether you would like your organs donated after your death, and other critical health decisions.

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What is a Healthcare Proxy?

A healthcare proxy is a document that designates someone you trust to make medical decisions on your behalf if you are unable to do so yourself. Having a healthcare proxy ensures that you receive the medical care you prefer, even if you cannot communicate your wishes.

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What is a Trust?

A testamentary trust is a legal document that can serve as a substitute for a will. It provides specific information about how your property should be managed while you are alive, while you are disabled, and when you pass away. With a trust, you place your assets under the control of a trustee, who manages them for the benefit of your beneficiaries. Trusts can help avoid probate, minimize taxes, and provide for minor children or family members with special needs.

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What is a Power of Attorney?

A power of attorney is a legal document that names a person of your choice to legally make financial and other important decisions for you if you become incapacitated or cannot handle your own affairs. This creates a legal relationship in which you are the principal and the person you appoint is the agent. There are many different types of powers of attorney: a general power of attorney gives broad powers, a limited or special power of attorney only covers specific tasks, and a durable power of attorney remains in effect even if you become incapacitated.

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What is Probate?

Probate is the legal process that transfers title of a deceased person’s assets to his or her heirs. This process takes place in court after someone dies. Probate involves confirming the validity of the deceased person’s will and distributing property and assets to heirs after paying any taxes or other debts left by the deceased.

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What is involved in Beneficiary Designation?

Beneficiary designations ensure that certain assets pass directly to named individuals once you are deceased. These designations are typically tied to specific accounts or assets, such as life insurance policies, retirement accounts, and certain types of financial accounts. An estate planning attorney can help you ensure these designations are properly aligned with your overall estate plan and reflect your wishes.​

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