Why it is Important to Have an Estate Plan Prepared for Uncertain Times

Why it is Important to Have an Estate Plan Prepared for Uncertain Times

It is impossible for anyone to predict the future, as seen with the recent outbreak of the Coronavirus across the world. Unexpected events, such as a disease, can come your way at a moment’s notice. This can impact your life in a variety of ways, which is why it is important to always have a plan in place should you experience incapacitation or death. This can be done with the creation of an estate plan. During this time, it can benefit you to retain the services of an experienced New York estate planning attorney to make sure your plan that suits your desires. 

Why Should I Have a Will?

Throughout a lifetime, many people collect or inherit belongings that are special to them and they wish to pass down through generations. This can be done with a will, a document that outlines a person’s final wishes for what they want to happen to their assets when they die. In the event that a person dies without a will, it is known as dying “intestate.” In these situations, their assets are distributed by the state based on a succession schedule to their surviving family members. This can include children, parents, siblings, and grandparents. The creation of a will ensures that your assets do not fall into the wrong hands and there is no confusion about where they would go if a plan did not exist.

What is a Power of Attorney?

You can appoint a power of attorney to make decisions for you in the event that you are physically or mentally incapable of doing so for yourself. For example, there are many people who may be quarantined or in the hospital during the Coronavirus outbreak. These situations can call for another individual to handle certain matters for them. This can include but is not limited to the following:

  • Paying bills
  • Making bank deposits and withdrawals
  • Obtaining medical records
  • Fling tax returns
  • Buying and selling property
  • Hiring caretakers
  • Transferring assets 

What is an Advanced Health Care Directive?

An advanced healthcare directive allows you to establish guidelines for the medical care. This outlines what you wish to receive if you cannot physically or mentally communicate your desires. Once a person is appointed to designate these wishes for you, they can handle any of the following tasks:

  • Authorize loved ones to obtain medical records in emergency situations
  • Indicate whether the document is effective immediately or upon a finding of incapacity
  • Set the standard for determining your incapacity
  • Communicate your wishes to receive or not receive life-saving care
  • Ensure decisions are made in accordance with your beliefs, principles or religious practices
  • Any additional health care wishes or concerns

Contact our Firm

Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.

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