Matters pertaining to estate planning often involve complex legal issues that may be difficult for the typical person to understand. In fact, even with a single category — wills, for instance — there may be various types of documents and possible reasons for choosing one over the other that someone well-versed in probate and estate administration would understand and be able to provide effective counsel to help simplify the process. Many people in New York are on the fence as to whether they should execute an estate plan. Others are ready to do so, but unsure where to turn for help.
Where wills are concerned, it often helps to keep things as basic as possible. Determining the most viable options to suit one’s immediate needs and ultimate estate planning goals is a logical step to take when deciding what to include in an individual estate plan. It often depends on the priorities of a given situation.
For instance, if one of your main concerns is that you do not want medical professionals to implement care beyond what’s considered necessary and basic, you might want to include a living will in your estate plan. This type of document contains instructions regarding medical issues. It often includes a medical power of attorney that designates a particular person as a decision-making authority on your behalf if you become incapacitated and unable to act on your own behalf.
If your focus is asset protection and providing for your loved ones’ future financial stability, you may want to concentrate on developing a strong last will and testament. If you don’t have this document in your estate plan, when the time comes to distribute your assets, a judge will determine who gets what according to the laws of intestacy, which may be different from any choice you would have made on your own. Coughlin & Gerhart, LLP, in New York, is available to assist you in all matters regarding wills or other estate planning issues.