Long Island Elder Law & Estate Planning

The process of estate planning can on the surface seem like a matter of executing legal documents.

It is indeed important to draw up a last will or create a trust to direct the future transfer of your financial assets. One should also have a living will and the appropriate durable powers of attorney to prepare for the possibility of incapacitation.

The above having been emphasized you should also consider the matters of incapacity planning and estate administration and the practical realities that enter into the picture.

If you were to pass away or become incapacitated you would be leaving all of your responsibilities dangling. The representative that you choose to act for you in the event of your incapacitation or death is going to need various pieces of information to act in your behalf.

Only you know exactly what this representative is going to need to know, so you must make sure that you share this information with the individual that you have selected.

Knowledge of and access to financial data is part of the equation, but there is also the matter of physical things like keys to property, storage spaces, safe deposit boxes and vehicles.

If you have property that requires maintenance the maintenance schedules would also be something that your representative would need to be able to act effectively.

Incapacitation can strike at any time, and unexpected sudden deaths do occur. It may be wise to have a contingency plan in place that includes the selection of a representative to act in your behalf sooner rather than later because it is better to be safe than sorry.

 

Latest posts by Eghrari Wealth Training Law Firm (see all)

About Eghrari Wealth Training Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.