As you get older, you may begin to put together an estate plan. Estate planning is especially important if your New York estate will include intellectual property and there are many details you need to consider.
It is not uncommon for a person in their 20s or 30s to think that a will or a trust is only something that people in their parents' or even their grandparents' generations need. The truth, however, is far from this. While most people die later in life, accidents can happen at any time and a person may become disabled at a young age and unable to take care of their obligations or affairs even if they are still alive. An estate plan is simply smart insurance in a way.
When it comes to setting up an estate plan, health issues may play a role in various ways. For example, someone may be prompted to set up an estate plan specifically because of health challenges they are going through, which have made them realize that it is important to be prepared for unexpected problems that may be life-threatening. Moreover, other people may want to prepare for health issues that leave them unable to take care of themselves.
The immediate period after the passing of a relative is not easy and can mix heartbreak and confusion. You might feel you have to start quickly on all of your plans to handle the estate of your loved one. However, you should not feel pressured to swiftly carry out your New York estate plan. There is only one step to worry about off the bat.
Many people in the New York City area rent their primary residence. However, for those who own their homes, these parcels of real estate are often among the largest single-item assets in their portfolios. This, combined with the fact that property values are high in the area, has the potential to cause a considerable amount of loss in the probate process.
As a New York resident who is currently going through a divorce from your significant other, you may find yourself focused on getting your affairs back in order and figuring out your living situation in the days that follow. While working through such matters is an undeniably important aspect of divorce, so, too, is making necessary changes to your estate plan. At the law office of Joseph Ledwidge, P.C., we recognize that your estate planning needs may change in the wake of a divorce. We have helped many people facing similar circumstances make changes to their estate plans that better reflect their new circumstances.
As a resident of New York who is watching your parents age, you may have firsthand knowledge of just how difficult it can be to do so. Watching your parents grow older can prove even more difficult when one of them starts suffering physical or mental hardships, as some conditions can make it increasingly tough for your parents to make sound decisions and otherwise care for themselves. At the law office of Joseph A. Ledwidge, P.C., we are familiar with the types of circumstances that may lead you to consider a guardianship or conservatorship over an aging parent or other loved one. We have helped many clients facing similar situations find long-term solutions that meet their needs.
Long-term care planning is not generally a topic that people in New York are itching to discuss with their loved ones. Often, the people who will need it the soonest, may not recognize how critical planning ahead actually is. They may also neglect to clearly define their expectations to those who they want to participate in their care. Likewise, the people listed in another person's long-term care plan may have an inaccurate understanding of their responsibilities or be unfamiliar with where to find critical documents that disclose vital information.
New York estate planning experts often recommend that you establish both a power of attorney and a living will. The two documents are similar to one another in that they both pertain to end-of-life issues and how your health care will proceed in the event that you become incapacitated and are unable to make such decisions for yourself.
Whether you are responsible for someone who is developmentally disabled, incapacitated or mentally unstable, or a child who has lost his or her parents, you may file for guardianship of that person. When you file for guardianship, you are asking the court to give you permission to make critical legal, medical, financial and personal decisions on behalf of someone who is unable to make those decisions for themselves. You must be approved by the court to be named a guardian of another person. You must also be a citizen of the United States, over 18 years of age and have a clean criminal record. Ultimately, it is up to the judge’s discretion as to whether you would be a good guardian for the person in question.