Wills important components of estate plans

On Behalf of | Jan 27, 2017 | Wills

A proper New York estate plan includes drafting legal documents in New York that enable family members, or a trusted friend, to make decisions on one’s behalf in specified circumstances. These decisions might include not being kept on life support following a serious accident, for example, which can be spelled out in a document called a living will. Wills in estate plans can also spell out who in the family will get certain bequests, including sentimental property.

When it comes to having a living will, it is necessary to choose a health surrogate. The specified individual would be responsible for making medical decisions when the person appointing the surrogate is unable to do so. A financial power of attorney is another important part of many estate plans. This document gives a designated individual the authority to make specified financial decisions on one’s behalf under certain circumstances.

In addition to creating a detailed estate plan, updating it is critical. This is especially true when a divorce or remarriage occurs. The birth of a child also prompts the need to review an existing plan. In some situations, a person needs to be added to a will, whereas in other cases, someone may need to be taken out of a will.

Many in New York understandably prefer not to spend time thinking about their wills because they feel it is a morbid topic. However, not having an estate plan means one’s wishes may not be upheld in the event of one’s death or incapacitation. An attorney can help one to navigate the process of developing a comprehensive estate plan.

Source: goodmenproject.com, “Estate Planning Guide: How Can a Man Protect Himself and His Family After Death?“, Patrick Watt, Jan. 24, 2017