Some people in New York may be embracing the start of 2019 with New Year’s resolutions. These individuals may want to include creating wills and other estate planning documents as part of their resolutions this year. Here is a look at why this is critical in the Big Apple.
Last wills and testaments are the basic components of estate plans. Creating them is important because these documents explain who should receive the assets of deceased individuals. They also spell out who should become the guardians of children whose parents have passed way.
Putting together health care proxies is also important at the beginning of the new year. These documents allow individuals to name others to make health-related decisions for them if they are incapacitated. Situations that may lead to incapacitation include, for example, car crashes or medical emergencies. It is critical to give this power only to other trustworthy parties.
Generating wills and other estate planning documents can certainly feel overwhelming. This is especially true for those who have a large number of assets or those who have not given much thought to their end-of-life medical care preferences. However, failure to engage in estate planning may cause a person’s assets to end up in unintended hands when he or she dies, or his or her personal health care wishes may not be upheld. An attorney in New York can provide the direction needed to create an estate plan or to update an existing one in a manner that protects the client’s best interests long term.