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Wills especially important for women

In general, men usually pass away sooner than women do. Since women live longer and might not have made as much money over the course of their lifetimes, they have unique needs when it comes to creating wills and other estate planning documents. A few tips may help women as well as men to protect their best interests through estate planning in New York.

A will is a staple document to include as part of any estate plan. This legal document provides direction regarding how physical and financial assets ought to be distributed when the creator of the will dies. Another important document is a living will, which is also called an advance directive. This document outlines a person's wishes regarding receiving care at the end of his or her life.

Having a durable power of attorney in place for health care is also essential. This type of document allows its creators to appoint others to make health care decisions on their behalf if they cannot make these decisions for themselves. Advanced documents for estate planning include vehicles for charitable giving and trusts.

Contemplating death is not exactly an enjoyable experience, which is why estate planning often gets placed on the back burner. However, failure to create wills and other estate planning documents means that one's assets -- ranging from valuable heirlooms to real estate property -- may not end up in the intended hands in the event of one's death. An attorney in New York can help with protecting these assets long term through well-thought-out estate planning.

Source: forbes.com, "It's Different For Women In Estate Planning", Larry Light, Aug. 25, 2017

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