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Law Offices of Steven M. Adler, PLLC
Committed to Meeting the Needs of Each Individual Client |
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Adler Law E-Newsletter
Happy New Year |
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Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
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Greetings!
Wishing you and your family a Healthy, Happy and Fun Filled New Year!
This month we've included 2 intersting and inciteful articles. The first explains your estate planning documents and the second discusses a new trend of including your digital property, such as your facebook account, in your will.
If you have not done so already, please "Like"my firm's Facebook page and you can download free sample New York Power-of-Attorney, Health Care Proxy and Living Will forms. Thank you.
As always, if you have a question or concern with respect to any particular legal subject, please contact me or Dolores Jannuzzi, Esq. and we would be happy to discuss your topic in a future issue of Adler Law. In addition, if you know of someone who may be interested in receiving this newsletter, please forward it to them by clicking the "Forward Email" link at the bottom of this page.
Thanks and have a great day. Sincerely, Steven M. Adler |
Understanding Your Estate Planning Documents
 New Yorkers may be putting off estate planning decisions because of the many complexities involved. There are various types of trusts and wills. What is the difference between them? Here is some information that will make estate planning less confusing. Many people have heard of a "will" and a "living will." A will is a document that identifies a person's wishes to be executed after death. A living will, on the other hand, discusses a person's health care wishes in the event that the individual becomes incapacitated and unable to make decisions on his or her own. The individual may appoint a power of attorney to carry out these wishes. Another document is a living trust, also called a revocable trust. This allows the individual to hold assets while he or she is still alive. The document can be revoked or cancelled at any time before the person's death. When the person dies, a trustee handles the assets and ensures they are distributed according to the trust. The difference between the two is that a living will is valid only for handling health care decisions, whereas a living trust can be used throughout one's life. A living trust works to preserve assets while a person is still alive. It is not used to assist with medical decisions, but a person can appoint a power of attorney to handle medical decisions. A living will must be created when a person is mentally capable of doing so. Not everyone needs one, but it is a good document to have if a person has strong wishes regarding what should be done if that person were to be in a vegetative state. Some may wish to live, while others may prefer to be taken off life support. Please call the Law Offices of Steven M. Adler to discuss what estate planning documents are necessary to carry out your wishes. |
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Digital Asset Estate Planning
When New Yorkers begin the estate planning process, they probably think of what to do with physical and monetary assets, such as homes, cars, bank accounts, stocks, bonds and heirlooms. However, in this ever-changing age of technology, most people also need to think of digital assets when drafting a will.
Digital assets can include accounts and anything a person does online that needs to be updated or monitored after death. This includes social media accounts, such as Facebook and Twitter, and online accounts such as those for banking, credit cards or bill payment. Digital assets can also include files kept on a computer, such as videos and photo albums.
Email can also be included. However, many people are secretive about their emails. Those who strongly wish that nobody, not even beneficiaries, read their emails after death should state this in their will. Otherwise, it could be fair game.
It is crucial that a person, or multiple people, be appointed to oversee aspects of a digital collection. For example, one person may be responsible for social media, while someone else oversees the online accounts. For accounts that require usernames and passwords, these should be written down separate from the will. This is because wills become public knowledge and anyone can view the details, which can compromise the security and privacy of an online account.
Protecting assets - physical, tangible and digital - is the goal of the estate planning process. A person's wishes for any asset should be explicitly outlined in a will. Please contact the Law Offices of Steven M. Adler to discuss your estate planning needs. |
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The Law Offices of Steven M. Adler, PLLC are committed to providing their clients with the highest level of professional legal services at reasonable prices. Steven M. Adler, Esq., along with the rest of his law firm's highly competent support staff, gives all of his clients the personal attention and the legal expertise which they are entitled to receive. The Law Offices of Steven M. Adler, PLLC takes pride in the quality, effectiveness and efficiency of their legal services.
Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
Click here to read recommendations and reviews of my service on Stik.com |
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