As you begin thinking about who will care for your children should you die tragically young or where your assets will go upon your death later in life, you also need to consider a power of attorney. This is an important designation that is included in any and all estate plans. You need to find someone whom you can trust and you don’t foresee leaving your life in a negative way or else you will have to update your documents.
You need to choose someone whom you trust. This can be a sibling, cousin, best friend or even a neighbor. You just need to have a strong relationship with the person and he or she needs to be trustworthy. It should also be someone who understands why he or she has been chosen and what he or she has been chosen to carry out for you.
The person you choose should also have an understanding of what your wishes are and how they are to be carried out. This helps them make decisions based on your wishes upon your death, if and when the time comes.
Who you choose should also demonstrate an incredible amount of loyalty to you. Loyalty is very important when someone is put in charge of an estate, no matter how much money is involved.
Putting together an estate plan isn’t easy. You are thinking about the inevitable and not many people can handle such a thing. It is also a necessary evil and a discussion that all married couples should have with each other and an attorney. Even single individuals should put together an estate plan so their assets are handled appropriately upon death in New York.