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Addressing health care, assets only 2 benefits of estate planning

| Sep 24, 2018 | Estate Administration & Probate |

Getting started on an estate plan is often something that New York residents think about but do not necessarily act on. Individuals tend to have many reasons for not yet planning, but in reality, it can prove immensely detrimental to delay estate planning for too long. Some people may simply believe that they do not need the plans, but that is a common misconception.

An estate plan can benefit any adult. In particular, the benefits of these plans can go into effect while individuals are still alive. If parties take the time to plan, they can address how they want their health care handled and by whom in the event that they become seriously ill or otherwise incapacitated. It can also allow people to put someone in charge of important financial transactions in the event that they cannot handle their own affairs.

Of course, the benefit of estate planning that most people think about is the ability to distribute assets as they please. Certainly, individuals can utilize their plans to name beneficiaries and instruct how property should be distributed. Without this information, the distribution process would follow state law.

These two examples only barely touch the many benefits of estate planning. If New York residents are interested in gaining more information about other benefits, they may want to consult with knowledgeable attorneys. These legal professionals can provide information, guidance and advice on what documents and options may best suit particular scenarios. As a result, individuals working on their plans may feel more confident that their wishes will be carried out as they desire.