An estate plan is an important set of documents and instructions that can provide security and peace of mind to a White Plains resident. That is because an estate plan may include the testamentary documents that explain how the creator’s possessions should be distributed when they die, who may be in charge of their affairs if they are incapacitated, and how guardianship of their dependents may be managed if needed.
While an estate plan can include a slew of different tools and legal devices, there are three in particular that can serve the interests of New Yorkers in different stations of life. The first is a will, which is an estate planning tool that becomes relevant when a person passes away. Through a will a person may outline how their assets and wealth should be divided up and who will become a beneficiary of their end-of-life possessions.
The second device that can benefit many individuals is a living will. A living will, as one may surmise from its name, is a document that is relevant during the term of a person’s life. It is through a living will that a person may name someone to act on their behalf and provide instructions on how they wish to receive medical care if they are not able to provide that information themselves.
The final testamentary device that can benefit practically everyone is a power of attorney. Like a living will, a power of attorney puts important responsibilities in the hands of another person if the creator cannot act for themselves. Powers of attorney cover legal and financial matters and readers who are interested in these and other long-term care and estate planning tools can contact their trusted legal advisors.