Careful Selection of Designated Positions Can Save Estate Plans
Aug. 2, 2018
The saying that the only things one can count on for certain are death and taxes remains true no matter where one resides. That being said, many New York residents may believe that drafting their final wishes is the most difficult part of estate planning. Unfortunately, if the plans are not handled the way one intended, then even the most thorough estate plans can be derailed.
Once deposition of one’s assets has been determined, one will need to decide how each portion of the plans will be carried out. There are many specific duties that will become the responsibility of those who have been selected to serve in the different roles. This is where conflict can arise and plans may not be followed the way they were designed. Though many people may think that only one or two trusted family members or friends are needed, there may be duties that are beyond the capability or willingness of those who were selected.
There are several key positions that are needed within the scope of most estate plans with varying titles and duties. One of the most important designations is the agent who is responsible for making power-of-attorney and/or health care decisions if one becomes incapacitated. Other key positions are trustee and executor. There may also be a need for insurance policy payments and a Social Security representative payee. Others may be needed for the handling of joint bank accounts or setting up funeral arrangements.
There are professionals who can provide experienced services — though there is often significant fees for their services. Many may find that a combination of personal friends and family along with select qualified professionals can ensure that one’s estate plans are handled correctly. New York residents who are interested in drafting these vital documents and need assistance can contact an attorney who is well-versed in this area of law.