Essential Estate Planning Documents, Part IISaturday, October 15th, 2016, 10:53 pm
Creating health care directives is an imperative part of estate planning and it’s a matter of protection for yourself in the event you become incapacitated and are unable to make medical decisions on your own behalf. When you decide you want to take your future medical decisions into your own hands by determining who will choose what to do on your behalf.
In New York State, there are two documents that fulfill this need: a living will and a health care proxy. While the living will pertains to the person’s wishes for their medical treatment, meaning they write out the plan to be followed, the purpose of a health care proxy is to designate a person who the patient trusts to make decisions if the patient can’t. Many experts agree that it’s wise to complete both documents.
When it comes to non-medical issues, like asset management, a durable power of attorney is another way clients can look ahead to future planning. According to NYC.gov, “the ‘durable power-of-attorney’ is one of the most powerful planning tools that an attorney can recommend to a client, not only for estate planning, but also for Medicaid and other entitlement programs.” The site goes on to say that this document remains effective following the principal's incapacity. In that case, the designated person (agent), can act “upon the principal's incapacity to manage his assets.
Contact Brooklyn Estate Planning Attorney Michael F. Kanzer for all of your estate planning questions and concerns. We can help plan for the future financial well-being of your family, giving you peace of mind in the present.