It is natural to not want to think about getting older. However, failing to plan for what may happen long term can have a negative impact on oneself and one’s family. Developing wills and other essential estate planning documents is an important part of life planning in Bronx, New York.
When there is no will, a deceased person’s estate will be passed on to his or her heirs based on the state’s intestate succession rules. Drafting a last will and testament can help to prevent this situation. For those who already have wills in place, ensuring that they are valid and reflect their current circumstances is essential. The acquisition of significant assets or the birth of a child are examples of major life changes that must be considered when updating a will.
Durable powers of attorney are also important documents, as they allow designated people to handle financial and legal business on the behalf of those who have created these legal documents in the event they become incapacitated. Another significant estate planning document is the living will, also known as the advanced health care directive. This document offers specific instructions to doctors and loved ones regarding the type of care desired at the end of one’s life.
Trusts can also be created instead of wills or along with wills in Bronx, New York. A major benefit of trusts is that they help families to avoid probate costs while also minimizing estate tax-related consequences. An attorney can help with putting together detailed estate plans whose components accurately reflect one’s wishes regarding property and assets in the years ahead.
Source: theglobaldispatch.com, “As the New Year Starts, Review Your Estate Plan“, Feb. 7, 2017