There are advantages that come with having an estate plan in place, and you may find it especially worthwhile to create one once you go through a major life event, such as a wedding or the birth of your first child. Like many people looking to develop estate plans in New York, though, you may not know where to start.
Bankrate reports that your estate plan does not have to take a ton of time or a lot of money to create and serve your needs. Instead, you may be able to accomplish some of the most pertinent estate planning steps by establishing a plan that includes three key components: a will, a power of attorney and an advance health care directive.
Arguably the main element of an estate plan, a will outlines who stands to inherit your assets once you die. Without a will, you die “intestate,” and this may create unnecessary hardships for your intended beneficiaries.
Powers of attorney
A financial power of attorney enables someone you know and appoint to manage your financial and personal affairs if you become unable to do this yourself. This helps ensure you do not leave debts or loose ends behind that your loved ones have to handle.
Advance health care directives
An advance health care directive dictates your desires when it comes to your medical treatment. Several different types exist and allow you to do a number of different things, such as donate organs or refuse resuscitation, should your situation warrant it.
Having an estate plan that includes these three elements may go a long way in terms of helping ensure your wishes come to fruition after your death.