Why Should I Have an Estate Plan Prepared for the Future?

Why Should I Have an Estate Plan Prepared for the Future?

No one is capable of knowing what can happen in the future, as seen with the recent outbreak of the Coronavirus throughout the world. It is because of this that all people should have a plan in place for death or incapacitation so that they are prepared for anything.This can be accomplished with the creation of an estate plan. In doing so, it can be beneficial to retain the services of an experienced New York estate planning attorney to ensure you are making a plan that suits your needs. 

Why Should I Have a Will?

There are many people who gather cherished belongings in their lifetime that they want to be passed on when their life is over. This can be done with a will. This is a document that outlines what people wish to do with their assets in the event of their death. If a person dies without a will, it is known as dying “intestate.” In these situations, their assets are distributed based on a succession schedule. This gives assets to surviving family members such as children, parents, siblings, and grandparents. A will can ensure that their assets do not fall into the wrong hands and there is no worry about where they would end up after their death. 

What is a Power of Attorney?

A power of attorney is a person who is appointed to make life decisions on another person’s behalf if they are physically or mentally unable to do so for themselves. For example, in the event of the Coronavirus, a person may be quarantined at home or in the hospital and need the assistance of another person to handle matters for them. This can include paying bills, making bank deposits and withdrawals, obtaining medical records, filing tax returns, buying and selling property, hiring caretakers, transferring assets, and more. 

What is an Advanced Health Care Directive?

An advanced healthcare directive lets a person establish the medical care they want to receive if they are unable to communicate their own desires. This is also referred to as a living will, health care proxy, or power of attorney for healthcare. Once this person is appointed in this position, they can handle any of the following:

  • Authorize loved ones to obtain medical records in emergency situations
  • Indicate whether the document is effective immediately or upon a finding of incapacity
  • Set the standard for determining your incapacity
  • Communicate your wishes to receive or not receive life-saving care
  • Ensure decisions are made in accordance with your beliefs, principles or religious practices
  • Any additional health care wishes or concerns

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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