When it comes to estate planning, too many people in the Brooklyn area put it off and continue to ignore its importance. You may feel like you have plenty of time to sit down and create your estate plans, but there is no guarantee for tomorrow. Anything could happen that forces you to change your lifestyle and depend on others for the necessities that you normally do for yourself. Those same circumstances could also have an adverse effect on the amount of wealth you have to leave behind to your loved ones.
Many people think that estate planning is only for the wealthy, but the truth is that anyone can benefit from advance planning about how to distribute their assets after their death. If you do not consider this important task prior to becoming elderly, ill or incapacitated, and you pass away without a plan, the state probate courts may take over and decide how to distribute what you leave behind.
You may think that by creating a will, you are covering all your bases and protecting your assets. But if you do not take the time to consider your loved ones' reactions to it after your death, your final instructions may not carry much weight with them. It is common for the family members of a testator in New York to fail to agree with the final will and last wishes. Once they voice their concerns and file disputes, their disagreement often turns into family conflict and a costly legal battle that eats away at the estate’s value.
Wills are meant to provide people with a way to designate their assets after their passing. Though this proves to be quite effective in many cases, there are some instances where certain impeding factors negatively alter or improperly affect such decisions.
For those who want to take care of their loved ones even after they are gone, an estate plan can be quite helpful. Proper estate planning usually contains a will.
You have worked hard throughout your life, and you deserve to enjoy your retirement. However, certain rules and regulations can make this difficult at times.
To relieve the burden on your loved ones, you want to make sure that your affairs are in order before your passing. This is where an estate plan comes into play. A proper estate plan lays out your wishes and orders in regards to all of your belongings and capital.
Many adults deal with dementia or Alzheimer’s disease. If your loved one is incapacitated, you may want to step in and manage their life. To do this legally, you need to be granted guardianship of that person, taking them as a ward.
The Veteran’s Administration estimates that there are more than 12 million veterans in the United States who are over the age of 65. Many of these veterans are not aware of the benefits available to them through the VA.
A power of attorney is a document in which you, the principal, name another person, an agent or attorney-in-fact to act in matters on your behalf. Many military personnel create POAs before deploying overseas in case something happens that needs immediate attention or in case they become incapacitated. Incapacity is probably the most common reason people need POAs. A limited POA lets someone act in a specific situation. For example, you want your son to help you sell your home or help you move into a care facility. Upon completion of the task, the POA ends.