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healthcare decisions on your behalf financial affairs in the event of incapacity.
in the event of your incapacity. In the Guardianship proceedings are expensive
absence of such an instrument, your and uncertain, and there is no guarantee
healthcare provider may not have the that the outcome will be that which you
proper guidance as to who you would would have desired if you were able to
trust to make these important decisions, speak for yourself. As with all aspects
or information how to contact the person of estate planning, it is best to think of
who you would designate. By preparing these issues and make the decisions for
a healthcare proxy, you will assist your yourself, or you may find the state making
physicians and nurses in providing the them for you.
care that you would want to receive if you
were able to speak for yourself. Last Will and Testament
The most important and ubiquitous
Power of Attorney document that is a necessary part of any
Equally important is the power of attorney estate plan is the last will and testament.
or “POA”. The POA allows your choice This document will serve many important
of individual to act on your behalf in purposes, including providing for how
making financial decisions and managing your assets should be disposed of at your
your financial affairs in the event that death, choosing fiduciaries to administer
you are unable to do so. A POA may be your estate (and any trusts created
effective immediately upon its execution, thereby), and selecting guardians for any
or else “springing”, such that it will not minor children. In the absence of a last
be effective until you are certified to be will and testament, the laws of intestacy
incapacitated. The POA may be limited in of the State of New York will apply. This
its scope (i.e. giving authority to a certain can lead to numerous problems. Perhaps
family member to run your small business), the most frequent issue that arises in
or may give complete authority to the such a case is the conflict of a parent and
agent. Without a POA, your loved ones child. Many couples expect or desire that
would have to bring a formal guardianship their surviving spouse will inherit their
proceeding to exercise power over your entire estate. Without a will, however, the
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