The main goal for many people when crafting an estate plan in New York is to cover all the bases and ensure the assets and properties go where the testator wants. This can mean many things and the strategies to achieve the desired ends are critical to the process. Understanding potential pitfalls is a sound way to avoid them. Paying attention to what industry experts see as risks is key. A recent survey says that there are three basic concerns with estate planning in 2019: family disputes, the fluctuating markets and changes to the tax code. For people preparing or updating their estate plan, these must be considered.
Should I seek durable power of attorney for my elderly parents?
As people age, they become concerned with end-of-life decisions. Sometimes they become concerned with the possibility that they might not be able to communicate decisions related to medical care, treatment or life support.
Single New Yorkers need a well-crafted estate plan too
For single residents of New York, drafting estate planning documents might not be high on their list of priorities. While they might feel justified in avoiding the subject of the inevitability of the end of life and what will happen to their possessions, it is still a mistake for a variety of reasons. Even single people who do not have dependents should think about an estate plan. There are certain key aspects to an estate plan that anyone - not just those who are married, have a family or have significant assets - should understand before taking that vital step of creating the document.
Changes in life require changes to an estate plan
New York residents who believe they have fulfilled the need to have an estate plan and simply leave the document as is without changing it are often making a mistake. With the inevitable changes in life, there are times that an estate plan is no longer as current and applicable to the circumstances as it was when drafting estate planning documents. Therefore, it is wise to think about life changes and act accordingly by updating an estate plan. Knowing when to do so is key.
Estate planning steps parents should consider after divorce
There are several estate planning changes you should consider after divorce whether you are a parent or not. These considerations can include updating your health care proxy, financial power of attorney, will, trust and beneficiary designations. The people you select to inherit from your estate, to manage your affairs and to make decisions on your behalf should always be the people you trust most, which probably is not your former spouse. However, as a divorced parent, you may have some special estate planning considerations as well.
Legal help with advanced medical directives in an estate plan
When New Yorkers are preparing for the future by creating strategies for an estate plan, there are certain aspects of it that can be difficult. While it is known that everyone's life is finite and the end is unavoidable, it can be difficult to think about a time when end of life planning is needed. However, those who have strong feelings on end of life care must make certain their estate plan addresses their wishes for such a time. In these cases, an advanced medical directive is important. To understand how to craft the document properly, legal advice is a must.
