An estate plan doesn’t just outline what to do with your property after you die. It protects you from unwanted health care and financial decisions in case you go into a coma or another form of incapacitation. Whether you’re wealthy or poor in New York, you could create an estate plan that suits your circumstances and needs.
Health care proxy
A health care proxy is someone whom you have appointed to make healthcare decisions for you when you’re not able to. When you don’t designate a health care proxy, the medical facility or the courts may make the decisions. In an estate plan, you could also specify what types of medical treatments you refuse to go through. Some people don’t want to be on life support and will clarify this in their estate plan.
Durable power of attorney
You may also want to ensure you have someone to take care of your financial obligations, like paying your mortgage or rent. A durable power of attorney has the power to manage your finances until you’re better again.
If you have a pet, then estate planning is essential to guarantee that your pet has a home after you die. New York allows you to set up a pet trust to pass on your pet to a trusted person and money or assets to cover the costs of caring for them. When you set up a pet trust, the trustee can only use the funds for your pet. This is enforceable by law.
Just about everyone has digital property now because they are on social media or have computer files. In an estate plan, you could specify what you want to happen with your digital property. You could name a person whom you trust to handle deleting your files.
Singles, whether they are rich or not, would benefit from writing an estate plan. They may have digital property or pets to think about. It’s also important to consider selecting a health care proxy and a durable power of attorney.