New York Elder Law And Estate Planning Blog

Because of the general importance of an estate plan and a will to an estate plan, it is essential that a will is valid and that the estate planner is familiar with the requirements for a will to be valid. As such, estate planners should ensure they are familiar with how to draft and properly execute a valid will.

The requirements for a will to be valid vary by state, so it is important for estate planners to be familiar with the requirements for a valid will in their state. Estate planning allows the estate planner to make several important decisions for how they want things handled, including how they want their property to be divided, who they want to watch over their minor children and who they want to administer their estate.

An advance healthcare directive is an important part of an overall estate plan. It serves an important purpose estate planners should be aware of and they should also ensure all of their questions about an advance healthcare directive, and including one in their estate plan, are answered.

An advance healthcare directive provides protection for estate planners if they become incapacitated at any point and are unable to make medical decisions for themselves or direct their medical care and treatment. Additionally, an advance healthcare directive can provide important peace of mind for family members who may not know how their loved one would want to be cared for during what is already a difficult time for them.

Knowing when to update an estate plan is important to avoid estate planning errors and problems. Updating an estate plan as life changes is as important as ensuring the estate planner has all the components that an effective estate plan should have in place. As a result, estate planners should be aware of when to update their estate plan and how New York estate planning can help.

As a good rule of thumb, if an estate plan is greater than three years old, the estate planner should review it, update it and ensure it reflects the estate planner's current wishes. In addition, if the estate planner moves to another state, it is important to update an estate plan when they relocate. Estate planning rules, such as those for a will to be valid, can vary by state, so it is essential for estate planners to update their estate plan if they move to another state and ensure it is valid in their new state.

The death of a spouse can be a devastating event, and the emotional pitfalls can be even worse if there was improper planning or errors were made over the deceased spouse’s estate. Difficulties often arise if one spouse handled all financial matters, and the survivor has little or no knowledge of their finances.

Financial and legal experts advise each spouse to have three essential documents: a will, a durable power of attorney and an advanced medical directive. The surviving spouse should know the location of those documents and how to access them.