The most basic matters to address in your estate plan include providing for your dependents and designating recipients for your property. A basic will is all that you require to name specific beneficiaries for your assets and designate to care for your children should anything happen to you.
Estate plans absolutely need to cover the challenges that could arise when someone dies. Addressing the basic needs of your loved ones after your death is a responsible move, but you could do more than that with your estate plan.
Adding living documents is useful for you and for the other people in your family. If you ever become incapacitated because of a coma or another debilitating medical incident, the living documents that you add to your New York estate plan determine what happens to you, your property and the people that depend on you. What living documents are the most essential for your protection later?
Powers of attorney
You can give someone the power to pay your bills and to otherwise manage your personal affairs. You can also give someone access to medical information and the authority to make medical choices when someone requires treatment.
Especially if you do not have a spouse, creating powers of attorney can help ensure that someone you trust can manage matters on your behalf when you have a medical emergency.
Advance directives
If someone has talked about a living will, they likely refer to their advance medical directives. These specialized documents include specific guidance about an individual’s medical preferences.
An advance directive will likely address life support, pain management and resuscitation efforts. People can even designate specific doctors or hospitals where they would prefer to receive care. The creation of advance directives provides clear guidance for those who will have to make medical choices on your behalf so that there is no question about your wishes.
The chances are minimal that you will experience a medical emergency that will result in your long-term incapacitation. However, in the rare case that such a medical emergency occurs, you and your family members will absolutely benefit from your decision to plan ahead for this unusual scenario. Expanding your estate plan to include more documents can protect you and the rest of your family from unexpected developments in the future.