Wills essential for non-parents, too

On Behalf of | Feb 22, 2017 | Wills

According to a recent survey, most Americans do not have estate plans. Some of these individuals include people with no children, who may think that creating wills and other estate planning documents is unnecessary for non-parents in Bronx, New York. However, estate planning is a critical process whether or not children are in the picture.

Two important parts of any estate plan are a will and a power of attorney. A will spells out the recipients of certain assets upon one’s death, while powers of attorney make clear who will make health care and financial decisions for someone who becomes incapacitated. For married couples, a spouse is usually the default, but powers of attorney are particularly essential for a long-time couple with no legal relationship.

The party selected to handle someone’s finances and health care decisions ideally should have an impeccable character. It generally does not matter if the person is younger or older. In addition, it is okay for him or her to live either far away or close by. These parties do not necessarily have to be relatives.

Making a power of attorney broad is critical, as this type of document may be rejected if it does not cover everything done in a particular financial account. In fact, it is beneficial to include in the power of attorney what can potentially be done in an account, even if it is not currently being done. An attorney in Bronx, New York, can help with creating powers of attorney, wills and other estate planning documents in a way that meets one’s needs long term.

Source: yahoo.com, “Estate Planning Is Important for People Without Children“, Debbie Carlson, Feb. 16, 2017