Estate planning is an essential part of every New York resident's financial future. Life is unpredictable, and unexpected deaths can leave chaos for the surviving family members of those without estate plans in place. Even those who have wills must review them from time to time.
As time passes, circumstances change that may affect a person's will. Divorce, remarriage, another child or the birth of grandchildren may need to be recorded. Neglecting this task may lead to an ex-spouse and his or her new family to inherit the estate that is meant to go to a current spouse.
It is also essential to review powers of attorney because the recorded ones may no longer be available due to relocation, death or another reason. A health care power of attorney must be appointed to make health and medical care decisions for the person when he or she is incapacitated. This could happen if he or she is in a coma or develops a condition such as dementia. A financial power of attorney is necessary to take over the payment of bills and keep the family's finances on track until the person's death.
Having an experienced New York estate planning attorney to assist with the drafting of estate plans, such as wills and trusts, can simplify the process. An attorney who is familiar with the family dynamics can provide valuable support and guidance through the years when changes need to be made. He or she can also help to keep the documents current to ensure the estate goes to the intended recipients.
Source: heraldstandard.com, "Your Financial Future: Estate planning", Gary Boatman, Nov. 23, 2017