When people get ready to retire, they face many different legal issues. These include asset protection, estate planning, long-term care expenses and medical costs. Seniors who specifically create wills can spend their golden years in New York enjoying life, knowing that their wishes regarding their assets will be met in the event of their deaths.
A will is important no matter how big or small an individual’s estate. It is used for managing and distributing property after one’s death. With a will, a person’s family members can move forward following his or her death without having to be burdened with avoidable financial confusion and red tape.
A trust is another option for managing one’s assets, with different types of trusts available to meet a person’s financial objectives. Two other important parts of a comprehensive estate plan are an advanced medical directive and a durable power of attorney. These documents are used to manage health care-related decision-making during a person’s life if the individual is not able to manage this himself or herself.
A well-thought-out estate plan is designed to ensure that a person’s medical and financial goals are met and that the individual’s loved ones have extremely clear directions for how to best take care of the individual as he or she ages. The plan will ideally permit an individual’s estate to save on potential taxes as much as possible. The laws and rules that impact estate planning are complex; however, proper legal guidance can help people in New York to create wills and other estate planning documents that reflect their wishes long term.
Source: fredericksburg.com, “How to prepare for your golden years with estate planning“, Sept. 29, 2015