While planning for what happens to your asset properties and who gets what out of your estate, you shouldn’t neglect your medical protection. Estate plan documents cater for all aspect of an individual’s life; it protects your assets beneficiaries, prevent probate, prevent excessive taxes and also allows you name someone to oversee your medical treatment, and also make important financial decision while you may be sick or temporarily disabled.
The following are estate document to ensure medical and financial protection;
Durable power of attorney
The durable power of attorney (POA) document is used to prepare for incapacity. Primarily, these essential estate document help you ensure that even while you may be ill, your finances are intact. In it, you name a trusted agent to take charge over your estate and make financial decisions on your behalf when you become unable to do so yourself. Should you become incapacitated at any time, the Power of attorney goes into effect and the agent acting on your behalf prevents your estate from suffering losses.
Medical power of attorney.
A medical power of attorney is also called healthcare proxy. Like the financial power of attorney, a medical power of attorney is used to appoint someone to make healthcare decisions in your stead when you are unable to make them yourself. Not just anyone can be assigned to this document. Usually, an expertise in medical field is selected to perform this delicate duty.
Advance healthcare directive
This document is also known as a living will but should not be mistaken for a last will. It is used to express your wishes for healthcare during serious health conditions like a terminal condition that leaves you in a vegetative state.
Irrevocable living trust
The irrevocable living trust is a type of trust that allow you assign an asset property to a desired beneficiary. This document cannot be undone and asset placed into it cannot be reversed. An irrevocable trust document is useful during time when you are disabled and you want a desired beneficiary to own you property without going to the hard process of probate and excessive estate taxes.
One thing you would definitely want to avoid during disability or temporary incapacity is probate or a court supervised guardianship. Probate is the process of determining the authenticity of an estate document. This process is not as easy as it may seem which is why a competent estate planning attorney will advise that you plan an estate that avoids this process. The process can be complicated, expensive, stressful, and time-consuming. One way to escape this process is by creating a trust account for your loved ones and this can be done via estate planning. If you don’t plan your estate, it will certainly undergo probate and your loved ones will have to wait till it’s over before they inherit a portion of your assets.
Bottom line.
The nature of an estate plan, sometimes makes it complicated planning or creating estate document all by yourself, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.
Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner; an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.
Contact an estate planning near you today.
Simple mistakes can ruin estate plans, lead to loss of property or financial benefit. You need an expert capable of making suitable and approbation estate plans and documents. Contact our estate planning attorney, 11225, New York today. Our attorney will guide you through the process of creating an estate plan.
In addition, our estate attorney through years of working expertise will offer assistance, counseling in estate related issues, probate matters, family law issues, and other advance guardianship and conservatorship issues in New York.