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the case of distant heirs, or family disputes. with all aspects of estate planning, it is
There are many subtle nuances to each best to think of these issues and make the
situation, and so it is advisable to meet with decisions for yourself, or you may find the
an experienced attorney to discuss the best state making them for you.
way to proceed, and to guide you in your
decision making process. Last Will and Testament
The most important and ubiquitous
The Basic Estate document that is a necessary part of any
estate plan is the last will and testament.
Documents This document will serve many important
purposes, including providing for how
your assets should be disbursed of at your
Healthcare Proxy passing, choosing fiduciaries to administer
A Healthcare Proxy is an important legal your estate (and any trusts created thereby),
instrument which sets forth the person and selecting guardians for any minor
or persons who you would like to make children. In the absence of a last will and
healthcare decisions on your behalf in the testament, the laws of intestacy of the
event of your incapacity. In the absence of State of New York will apply. This can lead
such an instrument, your healthcare provider to numerous problems. Perhaps the most
may not have the proper guidance as to who frequent issue that arises in such a case
you would trust to make these important is the conflict of a parent and child. Many
decisions, or information how to contact couples expect or desire that their surviving
the person who you would designate. By spouse will inherit their entire estate.
preparing a healthcare proxy, you will assist Without a will, however, the property of a
your physicians and nurses in providing the decedent will be split 50% to the surviving
care that you would want to receive if you spouse, and 50% to the children who have
were able to speak for yourself. survived the deceased spouse. In the event
those children are minors, the Surrogate’s
Power of Attorney Court will appoint a guardian an item for
Equally important is the power of attorney the children, and the property will be held
or “POA”. The POA allows your choice of in trust for the children until they reach the
individual to act on your behalf in making age of majority, and the property will then
financial decisions and managing your be distributed to the children.
financial affairs in the event that you are
unable to do so. A POA may be effective The problems here are two fold - first, the
immediately upon its execution, or else surviving parent will not have access to
“springing”, such that it will not be effective the funds in a time of uncertain financial
until you are certified to be incapacitated. circumstances (unless the children give the
The POA may be limited in its scope (i.e. funds up upon reaching the age of majority);
giving authority to a certain family member and second, the children will receive the
to run your small business), or may give entirety of such funds immediately upon
complete authority to the agent. Without reaching the age of majority. Even if the
a POA, your loved ones would have to children are adults, in the event there are
bring a formal guardianship proceeding to any issues between the surviving parent
exercise power over your financial affairs and the children, the children may refuse
in the event of incapacity. Guardianship to waive their rights to inherit, and thereby
proceedings are expensive and uncertain, deprive the surviving parent of financial
and there is no guarantee that the outcome support in their hours of greatest need.
will be that which you would have desired
if you were able to speak for yourself. As Another important purpose of a will is
Brueggemann Funeral Home of East Northport, Inc. - Page 15
