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What 3 elements does a basic estate plan need?

On Behalf of | Jan 28, 2022 | Blog, Estate Planning |

When you die without a will in New York, the responsibility of distributing your assets falls on the state. Having a will helps ensure that you maintain control over what happens to your assets after you die. While a will is an integral part of your estate plan, there are other elements you may also find worthwhile to include in yours.

According to Bankrate, it may serve you and your entire family well if you include the following components in your New York estate plan.

A will

A will gives you a say in who inherits what, but creating one may also save your loved ones quite a bit of time and money. A will lets you allocate funds for your funeral and wake if need be. It also gives you a way through which to dictate who you want to care for any minor children you may have if you die before they reach adulthood.

A financial power of attorney

A financial power of attorney grants someone you name access to your bank accounts and related financial affairs. Creating a power of attorney helps ensure that someone takes care of any debts you leave behind.

An advance medical directive

An advance directive lets you have a say in what happens to you medically if something happens and you become unable to vocalize your preferences.

None of these items have to take a lot of time to create. Yet, having all three of them in place goes a long way in helping ensure that your wishes come to fruition and that your loved ones do not face additional unnecessary stress after your death.



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