Creating an estate plan is a great first step in securing your finances and assets, but it should not be a static document. Many people forget about their estate plan once it is created. Certain fluctuations in your life can cause your plan to be ineffective. Here are some circumstances that should cause you to make some changes to your estate plan.
The importance of contingencies in an estate plan
Many New Yorkers assume that they will pass away before their spouses or their children. However, it is possible that a beneficiary could die before they are able to collect their inheritance, and this could cause many estate planning issues. In fact, it is possible that two people could die at the same time.
Prince's estate determination being held up by appeals
New Yorkers who have been following the ongoing saga of Prince's estate might be interested in learning that the judge in the case has said that appeals are preventing it from moving forward. Reportedly, the court has denied multiple claims by people who are claiming to be Prince's wife, siblings or children.
The rise in nursing home control over guardianships
The purpose of a guardianship is to provide someone you trust with the legal authority to take care of your personal and property interests in the event you become incapacitated. Guardianship of the Person includes steps to be taken about non-financial matters, which include medical and end-of-life decisions. However, research shows that of 700 guardianship cases filed in Manhattan over the 10-year period from 2002 to 2012, more than 12 percent were brought by nursing homes. Other petitions came from hospitals and Adult Protective Services, but many people are unaware that such steps can be taken by petitioners other than relatives or friends of the person for whom a guardianship is being sought.
Protecting personal information before death
Planning for the end of one's life requires not only organizing the details for final arrangements, but it also includes the implementation of information security strategies. This is essential due to the type of documents and account passwords that need to be accessed in order to finalize or close out one's estate. The security measures that many take to protect their personal information prior to their death can preclude loved ones from being able to access important electronic records.
Causes of medication errors
If your loved one is in a nursing home, the staff has the responsibility of dispensing the medications that doctors prescribe for the patient. However, mistakes happen, and they can include a dosage error, an incorrect method of administering the medication or giving the patient the wrong medication altogether. Errors of this kind have become pervasive, but family members can help protect the nursing home resident from medication mistakes that could be extremely harmful.
The effects of a Trump presidency on estate planning
New York residents involved in estate planning may be aware of potential changes for 2017 as President Trump and the Republican-controlled Congress take charge. There are many ways the political climate could affect estate planning measures.
