People in New York who are preparing an estate plan might want to consider creating a financial durable power of attorney. This would appoint a family member to take action on a person's behalf if the person becomes incapacitated. Without this document, even a spouse could be prevented from taking care of the person's finances. This would include dealing with things that need a signature from both spouses.
The thought of paying for their long-term care can create a lot of financial anxiety for many families in New York. According to the U.S. Department of Health and Human Services' Administration on Aging, most individuals who are older than 65 will need some form of assistance with daily activities like bathing and dressing for at least a few years in their lives. While many people will be able to get care for free from family members, others will need to pay for caregivers, which can be very expensive.
One purpose of New York estate plans is to minimize the likelihood and duration of estate disputes that may arise upon your death. Though you may leave behind detailed instructions that have considerations for all your loved ones’ potential concerns and needs, there is still the possibility of someone not agreeing with your final decisions. One solution that can help nip potential disputes in the bud is a no contest clause.
Even people in New York who have already created estate plans may not have taken their digital assets into account. When thinking about what they want to happen to their belongings after they die, people often forget things like online accounts, photographs, emails, subscriptions, and other items.
The federal government estimates that 70% of American seniors will eventually require long-term health care services, and others will need nursing home care.
When people in New York think about planning for the future, they may decide to make a will. A will is a legal document that reflects how people want their assets to be distributed after their death. It should be noted that even after a will is executed, it can be amended or revoked by the creator unless he or she does not have the capacity to do so. This is one reason why experts recommend keeping the will in a safe, secure place until it is needed.