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Estate planning can go beyond addressing assets

| Jul 10, 2018 | Estate Administration & Probate |

When undertaking any type of endeavor, it is important to have the right information. This factor is especially important for New York residents looking to get their end-of-life affairs in order. A lack of proper knowledge when it comes to estate planning could leave room for individuals to have planning mistakes or no plan at all.

One misconception that some parties may have is that estate planning only deals with a person’s assets, and as a result, a will or other asset-addressing document is all that is needed. This incorrect notion could leave individuals in a tough predicament, especially if they end up in a life-threatening or incapacitating situation. Estate plans can go far beyond assets and address health-related aspects as well.

When it comes to planning for future health care, individuals could utilize a living will to detail how certain health issues should be handled by medical professionals. There is also the option of appointing a power of attorney agent who can act on a person’s behalf when that person cannot make decisions due to incapacitation. Having this information as part of an estate plan could help family members make difficult decisions should the need arise.

The beauty of estate planning is that it allows individuals to get a number of their worldly affairs in order, including those that could take place while they are still living. If New York residents are interested in the planning documents that go beyond simply addressing their assets, they may want to gain information from reliable legal resources. Speaking with experienced attorneys could help parties ensure that they understand their available options and the best ways to create the plans they desire.