People in New York and elsewhere generally prefer to focus on the good and shy away from thinking about the bad things that could happen to them. For this reason, creating wills is often not given much priority. However, creating a will is essential for protecting one’s assets down the road. A couple of other estate planning documents are also helpful for addressing medical situations in the future.
One of these estate planning documents is the power of attorney. This document allows individuals to name trusted parties to essentially fill their shoes and act on their behalf while they are still alive. The document addresses scenarios where somebody is incapacitated and unable to pay bills or handle immediate concerns.
A health care proxy is another essential component of a comprehensive estate plan. This document pertains to someone’s well-being and health. The document essentially allows people to name individuals to make medical decisions on their behalf in the event that they cannot do so for themselves.
Estate planning is often viewed as a bit of a morbid task, which is why it is often delayed. However, without an estate plan, individuals in New York are at risk of having their assets end up in unintended hands when they die. In addition, they may not experience the outcomes they would have wanted in the event that they experience incapacitation due to serious health issues. A qualified attorney in New York can help with creating wills, powers of attorney and health care proxies that meet the clients’ individuals needs and protect their best interests long term.
Source: foxbusiness.com, “Estate Planning After the Recent Tax Law Changes“, Larry Heller, March 11, 2018