Many individuals in New York understandably prefer to discuss topics other than death. This is why many resist the idea of creating estate plans, which includes drafting wills and other documents. Unfortunately, failure to engage in estate planning means that an individual’s assets may not be protected long term. In addition, people’s wishes regarding what will happen to their family members in the event of their deaths may not be upheld. Here is a glimpse at some critical questions to ask when embarking on the estate-planning process.
For starters, it is a wise idea for people to contemplate how they would like their minor children cared for if they suddenly die. Would the children go with their grandparents or another family member? Also, if people lost the ability to care for themselves all of a sudden, who would handle their health care or financial decisions for them?
In the same manner, estate plan creators may want to think about the kind of care they would want to receive in the event that they become terminally ill. Perhaps they would prefer not to receive any treatment whatsoever. In addition, when it comes to assets, how should their property be divvied up among family members, and should some assets go to charities? Estate-planning furthermore enables people to take steps to shield their property from exes, creditors and tax liability.
Death is inevitable, and unfortunately, it can strike at any time. This is why it simply makes sense to create wills and other critical estate-planning documents. An attorney can provide individuals in New York with the guidance they need to create plans that reflect their wishes and their loved ones’ best interests in the years ahead.