Convincing Reasons You Need Estate Planning Documents
Disclosure: As an Amazon Associate, Deliverance Defense, LLC, earns from qualifying purchases. There are some affiliate links below and Deliverance Defense, LLC may receive commissions for purchases made through links in this post. These commissions are at no additional cost to you and help keep this website going!
"Convincing Reasons You Need Estate Planning Documents" simplifies what a Last Will and Testament, Power of Attorney, Health Care Proxy and Living Will are, and mentions Trusts and the importance of Life Insurance! Having a Last Will and Testament and/or Life Insurance pertains to after you pass. Whereas, a Health Care Proxy and Living Will are for medical decisions and a Power of Attorney is for financial and legal decisions during your lifetime! Click here to learn more! #estateplanning
Estate Planning
Last Will and Testament
Power of Attorney
Health Care Proxy
Living Will
After drafting many Last Will and Testaments, Power of Attorneys, Health Care Proxies, and Living Wills, in the State of New York, I think all mentally competent adults should have these estate planning documents, to make their wishes known, if they are unable to speak for themselves.
This statement is especially true for the older generations and for those involved in dangerous activities or occupations (e.g., Police Officers, etc.).
Why you should have a Last Will and Testament:
You decide who you want to leave your money, property, and possessions to, whom you want to raise your minor children (if any), your preferred funeral arrangements, and who you trust to carry out your wishes as Executor instead of having your property distributed according to the law.
Having a Last Will and Testament helps to avoid a lengthy and costly administration proceeding and can make your passing less stressful for your loved ones during an already emotional time!
Here are 9 questions to start thinking about in preparation for meeting with an attorney to draft your Last Will and Testament:
Who do you want to raise your children, if any, if you pass before they reach majority? If that person cannot, who is your second choice?
List of assets in your name only (that do not have a beneficiary) (e.g., home, car, bank account [not joint bank account, or life insurance with beneficiary]).
Who do you want to be your Executor/Executrix (person who performs the duties listed in your Last Will and Testament [e.g., “give x to y”]? Who do you want to perform those duties, if the person listed above cannot?
What do you want to leave as gifts, and to whom?
If someone is a minor (when you pass) how old do you want them to be in order to receive their inheritance? Who will hold onto it (in Trust) before that age on the minor’s behalf?
Do you want a religious funeral? If so, which religion?
Do you want to be buried or cremated?
Who do you want to take care of your pet(s), if any?
Do you want to leave anything to charity?
Having a Last Will and Testament makes your wishes known and can avoid costly administration proceedings and stress for your loved ones.
Why you should have a Power of Attorney:
A Power of Attorney provides authority for your agent to make certain legal and/or financial decisions on your behalf during your lifetime. You are giving your agent the authority to act as if they are you (even while you are mentally competent).
So, why would you want to empower someone to do that?
In case you become incapacitated or unable to make legal or financial decisions for yourself. At that time, it would be too late to designate an agent to act as Power of Attorney. The Court would have to appoint someone on your behalf. A Judge that does not know your friends and family like you do, may choose someone to control your money, handle your real estate and insurance transactions, taxes, and more!
Ideally, you would choose someone you trust; someone with good moral character, that has the physical ability to do the footwork necessary to fulfil their fiduciary duties (e.g., consider their health and location in relation to you).
An agent’s power cannot be exercised until the agent has possession of the Power of Attorney document; so, you can have it prepared now and keep it somewhere safe until it’s needed.
The Power of Attorney form provides instructions for the agent to follow. Where there are no specific instructions, your agent must act in your best interest.
Such authority can be revoked at any time during your lifetime, so long as you (the principal) are of sound mind.
By giving someone Power of Attorney, you choose an agent you trust to make certain legal and/or financial decisions for you (the “principal”) during your lifetime.
Why you should have a Health Care Proxy and Living Will:
With the advancement of medical technology, such as mechanical respiration, and artificial nutrition and/or hydration, people are living longer. However, the quality of the remainder of their lives may be negatively affected.
In the Terri Schiavo case, Mrs. Schiavo was a young woman that unexpectedly collapsed, and subsequent to being resuscitated, went into a persistent vegetative state. She did not have a Health Care Proxy and/or Living Will and was kept on life support for over a decade. Our legal system spent a majority of those years determining what her wishes, regarding life-prolonging procedures would have been. Her spouse wanted to have her feeding and hydration tube removed, but her parents did not. After a lengthy and expensive court proceeding, and over a decade of medical treatments and expenses, the court ruled in favor of her spouse.
A Health Care Proxy empowers an agent, or an alternate agent (if the first agent is unable or unavailable) to make healthcare decisions on your behalf, if you are incapacitated from doing so yourself (e.g., while under general anesthesia, or while unconscious or in a coma from an accident, etc.).
You should choose someone that you trust to act in your best interest and discuss your wishes with them ahead of time and/or supply written instructions.
A Living Will provides written instructions for your doctor or Health Care Proxy. A Living Will lists medical treatments for you to choose from. Some of the treatments listed include mechanical respiration, artificial nutrition and/or hydration, blood transfusion, electric shock therapy, transplantation, surgery, and organ donation. There is also a place for any other instructions you might have.
Having a Health Care Proxy and Living Will enables you to choose who your healthcare agent will be and which medical treatments you will undergo, if a situation arises where you cannot make healthcare decisions for yourself. These documents avoid unnecessary conflicts and confusion among family members and prevent excessive medical and legal expenses and delays.
Why you should have Life Insurance:
Life Insurance is not something I typically call “estate planning” but it is meant to provide for your family financially, if you are no longer alive to do so. So, while we're discussing the abovementioned topics, I think it’s worth mentioning. If you are in New York State, you can contact the Corini Insurance Agency to learn more about Life Insurance (and ask about investing in Annuities)!
Where you should keep your Estate Planning documents:
Last but not least, where should you keep your original Estate Planning documents? I suggest keeping your Estate Planning documents in a large, waterproof and fireproof safe secured to the structure of your home. A simpler option is to keep them in a fireproof and/or waterproof box with a key lock. Whichever method you choose, consider how your Executor or Agent(s) will gain access, if needed. Additionally, you may want to keep a copy of your Health Care Proxy and/or Living Will in your wallet, in case of a medical emergency.
Conclusion:
In conclusion, you need Estate Planning documents (e.g., a Last Will and Testament, Power of Attorney, Health Care Proxy and Living Will) to ensure that your wishes are made known in circumstances where you cannot speak for yourself, to avoid stress for your loved ones, and for efficiency and financial reasons.
If you are located in New York State, you can contact the Corini Law Office to discuss your estate planning needs!
If you’re outside of New York, then you should look for a competent estate planning attorney near you!
Customer Testimonials:
"I recently had the pleasure of having Ms. Lori A. Corini prepare for me my Health Care Proxy, Living Will, Power of Attorney and Last Will and Testament documents. She explained in simple and practical terms how beneficial doing these documents while I am still young and able would be. Ms. Corini was immensely helpful in explaining what I needed and how this would spare my family much anxiety and grief later on. I was very impressed by her knowledge, compassion and understanding of this area of law. She is very professional, courteous and pleasant. I was so impressed that I recommended her to help my mother with her estate planning. Excellent attorney!"
“It was a pleasure working the Corini Law - they are very professional, easy to work with, very thorough and knowledgeable in the items we needed clarification on; Lori and her team were very patient and considerate preparing our estate and will. We were very pleased and impressed with them.”
If you know anyone who needs estate planning documents in New York, then please share this information with them!
About the Author: Lori Corini is an attorney admitted to practice law in the state of New York, an NRA Pistol Instructor and Range Safety Officer, a NYS licensed armed guard, and Director of Safety and Security and a Board Member at her Church.