Reena Gulati Blog

Estate planning is an essential part of financial planning for everyone, but it is especially important for single people. Without a spouse or children to provide for, they have different considerations when leaving their assets. If you are single, estate planning is necessary to ensure that your assets are distributed according to your wishes. Without it, state law will determine what happens to everything you own.

When it comes to estate planning in New York, there are several documents that are essential to ensure that your wishes are carried out if you become incapacitated or pass away. A basic estate plan should include a will, a durable power of attorney, a health care proxy, and a living will.

A will and a trust are two of the most important documents a person can create to ensure their assets are distributed according to their wishes after death. In New York, these two documents have different rules and requirements. Knowing the differences between the two can help you make the best decision for your estate planning needs.

We're approaching the holiday season and the end of another year. If you're like most people, you probably have several goals to get off your to-do list before the new year. While you're putting in the effort to achieve your end-of-year objectives, how about you consider investing in your estate plan? Your estate plan protects the financial future of your family and loved ones when you're no longer here. As the year comes to an end, here are five things you should consider ticking off your estate planning checklist:

Generally, when we talk about a Will, it refers to a document that distributes your financial assets upon your death. Often though, people believe a Living Will is the same thing as a Will. These are two separate and distinct estate planning documents. As just stated, a traditional Will, more formally known as the Last Will & Testament, transfers your financial wealth to your heirs or your distributees, including individuals and/or charities, you determine should receive your assets upon your death. A Living Will on the other hand, is a document that informs your health care agent (i.e., a person you choose to make health care decisions for you when you are unable) what your wishes are regarding your end-of-life care.