Estate planning is a complicated but necessary part of ensuring your needs are taken care of when you get older. Without an estate plan tailored to your personal requirements, you or your family may be forced to struggle with significant legal and financial hurdles they might otherwise have avoided. But what exactly is involved in estate planning, and how do you know if your estate plan meets your needs?
What is an Estate Plan?
In simple terms, an estate plan is a set of legal documents and processes that are intended to make sure your desires are carried out when you are no longer able to express those wishes yourself. These documents are intended to instruct your loved ones how you wish to be treated if you become incapacitated due to illness, injury, or dementia, and tell them how to dispose of your estate when you eventually pass away. When properly constructed, your estate plan should create a complete picture of how you want your affairs to be handled, both before and after your death.
What Should You Include in Your Estate Plan?
An estate plan should ideally include a comprehensive set of instructions to ensure your affairs are handled when you are no longer able to handle them yourself. This, naturally, includes your last will and testament, but can also include trusts, investment accounts, retirement benefits, life insurance, and other similar things. It also includes your power of attorney, which ensures your legal and financial needs will be taken care of, as well as a healthcare proxy or living will, which can ensure your healthcare needs and wishes are met.
What Happens if You Do Not Have an Estate Plan?
If you do not have an estate plan in place, you or your family may be forced to scramble to deal with the legal and financial consequences that follow. If you are incapacitated without a power of attorney or health care proxy, for example, they will likely need to seek a legal guardianship over you to be able to handle your personal affairs. And if you pass away without a will, trust, or other similar instruments, your family may be forced into an extended legal battle in probate court, also known as Surrogate’s Court, to sort out how your assets will be divided up.
What Should You Do?
Regardless of how healthy you are, it is always worthwhile to be prepared for any eventuality. That is why you should make sure you have a comprehensive estate plan in place, which can help address any eventuality that may arise. To make sure your needs are met, you should speak to a lawyer with experience handling estate planning matters, who can ensure your estate plan suits your personal needs.
If you are looking to plan your estate, or have any other needs related to probate, estate administration, or elder law, you should contact Leventhal Elias Law, PLLC. She can assist you with every aspect of New York estate and elder law, allowing you to focus on what really matters. For a consultation, contact her at her Staten Island office at 718-448-6655, or email her at EliasEsq@outlook.com.
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