Many New York residents are currently considering executing estate plans. Others would rather have teeth pulled than even talk about the subject. Such hesitance is sometimes related to fear of discussing mortality, but it also often arises when there’s confusion regarding estate laws or various documents, such as wills, powers of attorney or trusts.
Some people would rather simply ignore the issue altogether than try to understand what all the different documents are for and how to go about designing a solid estate plan. At the same time, they often want the security of knowing their loved ones will be provided for when they’re gone, and also that their own wishes will be carried out if they experience a medical emergency that renders them incapable of acting in their own self interests. Seeking clarification regarding the various types of wills is typically a good place to start if you want to understand the estate planning process and alleviate your fears.
A final will and testament is a document that allows you to designate heirs to inherit a portion or all of your estate. Some mistakenly think that only the very wealthy need to execute such documents; however, regardless of the size of your estate, if you die without this type of will in place, you will have no say over who gets what. A living will, on the other hand, provides instructions for your loved ones and caretakers in the event that you are no longer able to make medical or financial decisions on your own behalf.
A New York estate planning attorney can help dispel the myths associated with wills or other documents. Not only can an attorney help develop a solid estate plan, he or she can remain on hand throughout the future to assist with any changes or updates as needed. If you would like to discuss a particular estate planning matter, you may request a consultation with Coughlin & Gerhart, LLP.