A will is one of the most important documents any individual can create during his or her life. It controls the disposition of your property, determines who will administer your estate and the caretaker of your children. If you die without a will New York State law will determine all of these things.
It may be advantageous to have a trust instrument govern the disposition of your property at death but unfavorable to have a trust created during your life.
Power of Attorney is a document that designates another person to make these decisions on your behalf if you may become seriously ill or mentally incapacitated rendering yourself unable to make important financial decisions.
Some advantages of a Living Trust are that it is more private than a will because it doesn’t have to be registered with a court, may reduce estate taxes and it is possible to designate someone else to handle your assets.
A separate document called a Health Care Proxy is needed to designate another person to make important healthcare decisions if you are unable to. Without a healthcare proxy your doctor may be required to give you treatment that, if you were able to, would have refused.
