Four Crucial Property Planning Actions To Take Whereas You are Nonetheless Wholesome – New York Property Planning Lawyer Weblog – Feb 27, 2021
Nobody likes to think about what will happen if their health deteriorates, or what that person’s loved ones will do after they die. If you don’t plan properly now, your loved ones can find themselves in an undesirable situation and greatly increase the likelihood that these people will experience anger and confusion after you die.
You can help avoid these unwanted results by taking adequate measures while you still can. Hopefully, to get you making the right estate planning decisions, this article will discuss some of the most important estate planning decisions you should make today.
# 1 – Appoint an executor
An executor is responsible for distributing the property of an estate. This position does not require any legal training. Instead, anyone can act as an executor. If you do decide to appoint a lay executor, make sure that person understands their responsibilities.
# 2 – Finalize the terms of your will
Hopefully you’ve made a will that is specific to how your wealth will be given to loved ones. While you likely have several reasons to hesitate in discussing these terms, you shouldn’t hesitate to have a conversation with loved ones about the terms of your will.
# 3 – Protect your financial interests
Many people prefer to keep financial details confidential. However, in order to ensure that the financial aspects of a person’s estate are adequately handled, there are a few important steps to consider. Some of these steps include:
- At some point a financial power of attorney should be used to give others control of a person’s finances in the event a person suddenly becomes incapacitated and unable to manage their affairs.
- Whether you are using a trust or other financial arrangement to control assets and give them to heirs, you should have a conversation with loved ones to make sure they understand your decisions.
# 4 – Document your health plans adequately
If you do not adequately express your health goals, your loved ones can make undesirable decisions about the type of care you will receive. Ways you can document the type of care you want to receive include:
- Health care representatives are documents that identify who will serve as health care representatives and make decisions about what care you should receive.
- Living will Have a person indicate what type of treatment options they prefer. In these documents, a person can also decide whether or not to take life support measures if the person becomes incapacitated.
Speak to a knowledgeable estate planning attorney
Estate planning is a complex but necessary part of ensuring that your loved ones are placed in the best possible position if you suddenly become incapacitated or die. One of the best things you can do to make sure you are planning adequately is with the help of a skilled estate planning attorney.
Contact Law firm Ettinger today to schedule a free case assessment.