Estate planning is often placed on the back burner in New York for a couple of reasons. One, people feel that they do not have time to create wills and other estate planning documents. And two, people generally prefer not to think about the possibility of dying in the future. The reality, though, is that death is inevitable, which is why creating an estate plan is so critical for asset owners.
An important component of an estate plan is the will. This document spells out how a person’s assets are to be distributed when he or she dies. In addition, it outlines who will have custody of any surviving minor children in this situation. A will might additionally be used to bestow charitable donations as well as create trusts.
A financial power of attorney is another important estate planning document, as it authorizes an individual to handle the financial affairs of a person who has become incapacitated. A health care power of attorney is like a financial power of attorney except that it allows an individual to make health care decisions on someone else’s behalf if needed. Both power of attorney types can have either limited or broad scopes, and they expire when the creator passes away.
Estate planning can understandably be complicated and thus overwhelming. However, an attorney in New York can provide the guidance needed to create comprehensive wills and other estate planning documents. The attorney’s main aim is to make sure that the client’s best interests are reflected in his or her documents long term.