Those who are not necessarily well-to do-in New York may not see the need for engaging in estate planning. However, wills are essential no matter what one’s net worth is. Other estate planning documents are also important to include in a comprehensive plan.
Even those who might not necessarily be well off may have valuable items they would like to protect long term, such as family heirlooms, jewelry, cars and houses. These items can be addressed in a will, which explains who should receive them in the event that the owner of these assets passes away. Other items that are important to address in a will include 403(b) or 401(k) plan accounts, investment and bank accounts.
Besides wills, durable powers of attorney are well worth considering, as they allow for trusted individuals to gain power over other people’s assets if the owners of these assets can no longer manage them. Likewise, health care powers of attorney allow specified individuals to make health care decisions on behalf of other people if the other parties cannot make these decisions on their own. In addition, living wills express intentions concerning using measures for sustaining the lives of those who are terminally ill.
In addition to these documents, revocable living trusts may be a good choice for those who want to ensure that their assets will continue to be managed in a certain way during their lifetimes and after they die. These tools are helpful for dictating how assets are handled for coming generations. An attorney in New York can offer assistance with creating wills and other components of an estate plan in the most efficient way possible.
Source: wbtw.com, “Wallet Wednesday: Basics of Estate Planning“, Brandon Herring, Nov. 29, 2017