Some New York residents may neglect to plan for their future needs and those of their families. Some suggest that estate planning can be compared to planning for a trip, with an estate plan acting like a road map. Just as there is a need for gathering information and advice before traveling to new destinations, estate planning often requires professional advice and careful consideration.
Each estate plan is drafted to serve the unique needs of the individual and his or her loved ones, and some plans are more complicated than others. Some of the documents required to ensure that a person’s affairs are in good order include a living trust, a will, a power of attorney and a medical directive. A living trust is created to allow a person’s property to be passed to chosen recipients without going through a lengthy and expensive probate process.
A will is drafted to indicate how an individual wants his or her estate to be distributed upon death and, also, how it will be managed. The possibility of becoming unable to manage personal finances must be considered, and, to ensure continued financial stability, a trusted person can be appointed as a power of attorney who will be able to make financial decisions in such circumstances. A medical directive is a document that will spell out an individual’s wishes and preferences related to medical treatment, as well as interventions, when he or she is no longer capable of making those decisions. It can also indicate a person who is trusted to make such decisions on an individual’s behalf.
While some prefer to handle their estate planning personally, ensuring that all documentation is legal and will hold up in court may require the guidance of an experienced New York estate planning attorney. A lawyer can also ensure that all documents and directives comply with state laws in cases in which state-specific laws are in place. In cooperation with a financial adviser and an accountant, an attorney can evaluate a client’s objectives and needs when preparing his or her estate plan.
Source: newsok.com, “5 Smart Steps Toward Financial Security and Success“, Larry Weiss, Mar. 1, 2016
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New York, NY 10038
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