It’s never fun to think about getting older and relying on someone else to take care of you. However, the truth is it could become a reality so it’s best to be prepared. It’s never too early or too late to start estate planning and setting up your New York Power of Attorney. Life circumstances can change instantly, so having your estate plan set can give you peace of mind. Many people don’t realize the benefits of working with an elder lawyer, so we’ve explained some of those benefits and considerations for you.
Why Power Of Attorney Is Essential
Having a New York Power of Attorney is essential at any time in your life. You may become unable to make decisions on your own suddenly due to an injury or accident. But in most cases, a New York Power of Attorney is used when you become ill or unable to make decisions due to age. Without a Power of Attorney set up, you could leave your assets in the hands of the courts to decide what to do with them. But when you do have one set up, then the person you appointed can make decisions on your behalf based on your wishes, even if your wishes are for them to make decisions on their own.
Set Up A Healthcare Directive In Your Estate Plan
Another benefit of hiring an estate planning attorney in New York is to set up a healthcare directive. If you become incapacitated at some point, the healthcare directive will outline what steps you would like to take. The person you appoint does not have to be the same person who has Power of Attorney. It’s best to choose someone with similar beliefs and philosophies as you so they will make similar decisions as you depending on the situation.
Create Or Review Your Will With An Attorney
One of the most important aspects of elder law is creating and revising your Will with an attorney. If you have not created a Will and Trust yet, it’s time to do so. You have total control over how your assets are distributed when you pass if you work with an estate planning attorney in New York. Without it, your assets may be distributed based on court rulings, which will likely not go in favor of your wishes. Trusts are also created to avoid potential legal issues and also to minimize estate taxes. The goal is to ensure your heirs do not have to go through any major headaches dealing with your assets after you pass.
Update Your Beneficiaries
It can be easy to set your beneficiaries early in life and then forget to update them. Review both your primary and contingent beneficiaries regularly to ensure they are still the people you choose. Beneficiaries should be people who are capable of handling your assets how you would, and who you would trust to do so. If you don’t have any beneficiaries assigned, then the courts will make decisions on how your assets are distributed.
Differences Between Conservatorship And Guardianship
Throughout your estate planning process, you will need to know the differences between conservatorship and guardianship. Primarily, a conservatorship involves financial matters. This can include paying bills, managing bank accounts, cash flow, debts, and other financial matters. Choose someone who has proven to be responsible with money to be your conservator.
Guardianship deals with making health decisions and being concerned more with overall well-being. If you become incapacitated, your guardian is the person who will make the final decision either on their own or after communicating with others. Both your conservator and guardian should be appointed in your living Will so the courts do not have to decide who makes decisions on your behalf.
How An Elder Law Attorney Can Help Later In Life
Everyone’s personal situation is different. Attorneys in elder law can help families who may have a hard time dealing with their elderly loved ones. There are so many different issues to navigate when a loved one gets older and is unable to make decisions or live comfortably on their own. And then there’s a major issue of elder abuse at nursing homes and other senior living facilities. Having an elder law attorney on your side can help protect your loved one while you continue navigating life.
It’s Never Too Early Or Late To Begin Or Revise Your Estate Plan
Estate planning is something that needs to be done no matter how old or young you are. Once you create an estate plan, your wishes might change over the years, so it’s important to review and revise it every few years as needed. Sudden accidents can happen and leave you incapacitated, so having your estate plan set with your desires can give you peace of mind. The last thing you want is to have important matters be decided by someone who you no longer trust, or be in the hands of New York courts.
Gordon & Gordon has many years of experience in elder law. Our team has helped numerous clients live with peace of mind knowing their assets are protected and will be distributed in accordance with their wishes when they pass. We cover all bases with estate planning and make the process as simple as possible. We understand estate planning is not what people want to do, but we can’t stress the importance enough. Be sure to contact us today to schedule a consultation to learn more about our law firm and take the next steps to protect yourself, your assets, and your heirs.