There are a lot of issues to consider in planning an estate properly for when you’re gone. The following is a checklist to help you start thinking about the answers you need for proper estate planning in New York.
The most important things to remember when planning your estates are:
Once you’re gone, you won’t be able to tell others your wishes for distributing your possessions. Additionally, if you become incapacitated and need someone to carry out your wishes for you before you pass, you need to appoint them now. One of the most important things that you need to do during estate planning is identify your goals. That includes how you want to provide for loved ones, how you can plan to reduce your estate taxes, and what kinds of medical treatment you want if you’re unable to communicate your wishes. You also need to list your assets, figure out what you owe, identify any charities you want to benefit, plan for medical decision making if you’re incapacitated, decide if you need life insurance, figure out estate taxes, execute a Will, create trusts if useful or necessary, and decide which other documents you need.
Other details when planning your estate:
There are a few other details that you’ll need to plan for in the event of your death or incapacity. First, you can appoint an agent under a power of attorney, which is a person who can take care of your personal business matters such as paying your bills if you are physically or mentally incapacitated. Second, you can appoint a health care agent under a health care proxy, who is a person who will make decisions on your medical treatment in the event that you are unable to make them for yourself. Additionally, you might choose to create a living will, which is a document that tells others what you want to happen to you in the event that you can’t communicate your wishes. Finally, you may choose to have a funeral and interment directive in which you can state how you want your remains treated and any cemetery or funeral plans that you wish to make before your death.
When you’re trying to create end-of-life plans, there are many concerns to consider. Having a checklist and planning accordingly will help put your mind at ease throughout the process.