Creating an estate plan can have its difficulties. After all, New York residents are expected to take every aspect of their lives into consideration and determine how they want their affairs handled after death. That is no simple task. Of course, even after going through the estate planning process, issues with a plan could make it less effective than desired.
An estate plan can consist of any information that a person feels pertinent. This may mean that some parties utilize more or fewer documents than other people. However, it may prove wise for all individuals to at least consider including certain documents, such as a will, power of attorney and an advance medical directive. These documents can help cover after-death wishes as well as wishes in the event of incapacitation.
Even if a person’s plan does include these documents, if he or she did not create any detailed instructions on how to deal with specific items, the plan may not be as helpful as intended. While surviving family can certainly be put in charge of making decisions in that regard, it may help reduce potential conflict if specific instructions for property are left behind. Otherwise, family members may have to deal with litigation to settle disputes.
While having some estate planning completed is certainly better than none, a lack of information could still present issues. If New York residents would like to ensure that they understand their planning options and what information could prove useful for inclusion, they may want to consult with knowledgeable attorneys. Obtaining reliable information could allow them to feel more confident in the plans they create.
Source: kiplinger.com, “8 Signs Your Estate Plan May Be Worthless“, Casey Robinson, March 15, 2018