This article will help you understand:
- Important documents you need to have in place to best care for your children after your death.
- How estate planning can help you in your life now, while you are still alive.
- How a will, a living will, and a power of attorney differ and which best suits your needs.
What Documents Do Parents In New York Need To Protect And Provide For Their Minor Children?
The most important thing to provide for a minor child is to declare a guardian in your will. If you pass away, New York courts are bound only by the standard “best interest of the child.” So if you declare a guardian in your will, the court will note it. If they deem them someone who will act in the child’s best interest, your wishes will more than likely push them toward granting custody of your child.
For some reason, if someone else wants to contest this, they may. It will then be up to the court to ultimately decide. Still, by naming someone, you set inertia in your wake, significantly increasing the chances of your desires being carried out without you being there to see them through.
Other than declaring a guardian, a will or a trust will significantly establish means by which your child will be provided financially in your absence. If you pass away and your children are minors, who pays for their care, education, and daily living? How do you continue to save money for their future? Addressing these things is critical for your estate planning case and the well-being of you and your loved ones.
Is Estate Planning Only For What Happens When I Die, Or Can It Also Benefit Me During My Lifetime?
Estate planning benefits you both while you are still alive and after you die.
For instance, a healthcare proxy is tremendously beneficial during your lifetime if something happens and you cannot make medical decisions on your own. The same can be said of a living will and a power of attorney, which names a person to handle your financial affairs.
Not all trusts are testamentary, meaning effective after you die, and by extension, can be of value to you while alive. Some trusts allow you to keep income from any of the assets put in it, with the principal saved for your beneficiaries.
Only wills are really of benefit to you and your loved ones after you die.
What Is A Living Will? What Does It Do?
A living will explicitly and legally states your wishes when you cannot make medical decisions for yourself. Types include artificial intubation, hydration, nutrition, CPR, and medication. If you cannot make decisions about these matters yourself, it serves as guidance for your doctor or your healthcare proxy if you have one.
How Does A Living Will Differ From A Last Will And Testament Or A Durable Power Of Attorney?
A living will is concerned with your medical decisions, stating what you want if you cannot make healthcare-related decisions on your own.
A power of attorney is more concerned with your financial affairs. There is a list of different powers you can grant to your agent, the person you appoint as your attorney. Your attorney can handle things like banking, real estate, and estate planning.
A will takes effect upon a person’s death, having nothing to do with what happens during their lifetime.
With the guidance of a skilled attorney for Estate Planning Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Estate Planning Law in New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (914) 350-3842 today.
