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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