NY Estate Planning Legal Issues- Planning For Incapacity

As we move on in life, there is an increased possibility that you may become incapacitated for some time.   This issue often becomes a problem for family members when confronted with continuing life-support and making important financial decisions. With a durable power of attorney, a living will and a durable power of attorney for health care, you can make sure that your wishes are granted without burdening your loved ones.

Financial Decisions:

  • Durable Power of Attorney. This document allows you to name someone to take care of your finances if your are unable to. If you fail to draft a durable power of attorney, your relatives and friends will have to petition the court for the ability to have control over your finances.  If they do not agree about who has control of your finances, a pricey and protracted conservatorship proceeding may ensue.

Medical Decisions:

  • Living Will. This document acts as a contract with the doctor who is taking care of you. It states your wishes about the type of health care you should receive if you are incapacitated.
  • Durable Power of Attorney for Health Care. Here you will appoint someone to make your medical decisions if you are unable to do so. 
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