An Overview of Basic Estate Planning in New York for Seniors

7/28/2019 An Overview of Basic Estate Planning in New York for Seniors

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An Overview of

Basic Estate Planning in

New York for Seniors



What is Housing Conservation

Coordinators (HCC)?

A community-based, not-for-profitorganization anchored in the Hell’sKitchen/Clinton neighborhood of

Manhattan's West Side.HCC represents clients dealing with housing and housing-relatedissues, such as:

– Landlord/Tenant matters in Housing Court

– Domestic Violence

– Public Benefits

– HDFCs, Relocation Agreements

– Immigration

– Zoning Enforcement

– Consumer Law



Why is Basic Estate Planning

important?

Gives Seniors the ability to

• Take control of personal decisions

• Plan ahead for possible consequences of – Incapacity or disability resulting from a catastrophic

accident, Alzheimer’s disease or other serious illness

– Death

• Access and manage assets and finances if

unable to do so in the future

• Avoid court guardianship proceedings, estatebattles



What is

“Basic Estate Planning?”

• Last Will and Testament

• Health Care Proxy

• Power of Attorney



Last Will and

Testament in New York



Last Will and Testament

Provides an opportunity to

• Give specific things to people of your

choice after your die.

• Communicate your last wishes about your

burial.

A will only becomes an enforceable document after your death.

A will can be changed with a codicil or by revocation and

executing a new will.



Why should I bother with a will?

• In New York, if you die without a will, your property will be distributed according to state“intestacy” laws.

• New York’s intestacy law gives your property to

your closest relatives, beginning with your spouse and children.

• If the court cannot find any of your livingrelatives by blood or marriage, the state will take

your property.• The way the law must divide your estate whenyou die without a Will may not conform to your wishes.



What may be included in a Last

Will and Testament?• Distribution instructions for your real property, tangible

personal property and cash

• Appointment of Executor (the person who makes surethat the terms of your will are carried out).

• NOTE: A Will is not a good document in which todescribe funeral instructions because wills are typicallynot read -- or even found -- until days or weeks after adeath. That's too late to be of help to the people whomust make immediate decisions about the disposition of

a body and funeral or memorial services. Instead, makea separate document spelling out your wishes, and tellyour executor where to find it when the time comes.



What makes a valid Last Will

and Testament in New York?

• In writing;

• Signed at the end;

• Declaration it is your will; and

• Two witnesses, not beneficiaries of the will, signthe will. (NOTE: The witnesses do not have toknow what it says in your Will, only that you toldthem that it was your Will and they saw you sign

it.)

• In New York, you do not need to notarize your will to make it legal.



How do you draft and execute a

Will in New York?

• Your Will has to follow certain proscribed

formalities or it may not be legally binding;therefore, it is in your best interest to

speak to an attorney since the document’s

language is very important (as is the

process by which the will is executed).



Where should I Keep the Will?

• The original must be kept in a safe and

accessible place. Your family or other interested

individuals must know where it is kept. A copy of

your Will, in most circumstances, will not suffice-the original is needed.

• If you put the original of the Will in your safe

deposit box, it may take some time to access it

since the Surrogates Court may need to give anorder to the bank to gain access.



Health Care

Proxy



Health Care Proxy

• Appoint a health care agent (“proxy”) to make

health care decisions for you anytime you are

unable to make decisions for yourself

• Give your health care agent as little or as muchauthority to make life and death decisions

• Make sure your health care agent understands

your values, beliefs, and what is important to you



Who can be your health care

agent in New York?• Any adult (18 years of age or older),

including a family member or close friend

• A doctor, but he or she will have to choose

between acting as your agent or as your

attending doctor

• There may be restrictions about naming

someone who works for the facility if you

are a patient or resident of a hospital,

nursing home or other care facility



What decisions are included

under “Health Care”?• Any treatment, service or procedure to diagnose

or treat your physical or mental condition

• Your health care agent may decide to provide or

remove life sustaining treatment UNLESS yousay otherwise on the form

• Your health care agent will not be allowed to

refuse or consent to artificial nutrition and

hydration (nourishment and water provided by a

feeding tube or intravenous line) UNLESS your

agent reasonably knows your wishes



What do you need to fill out the

Health Care Proxy form?

• Your name and address

• Health care agent’s name and address

• Date

• Any specific instructions you wish to includeregarding medical treatment

• Two witnesses – 18 years of age or older

– Proposed agent cannot sign as a witness

• Signatures

• You do not need a lawyer



What should you do once you

have completed the Health

Care Proxy form?• Keep a copy for yourself

• Give a copy to your health care agent

• Give a copy to your primary physician, allspecialist physicians, and your primary

hospital

• Review and update periodically to assureyour wishes remain the same



Can you make changes to the

Health Care Proxy form?• You may cancel the authority of your

health care agent orally or by writing

whenever you wish

• You may appoint another health care

agent or change any medical instructions

by filling out another Health Care Proxy

form



Wh bt i



Where can you obtain a

Health Care Proxy form?

The New York State Department of Health

website, a hospital, nursing home, rehab

facility or your health insurance provider

English Form

– http://www.health.ny.gov/forms/doh-1430.pdf

http://www.health.ny.gov/forms/doh-1430.pdf






Power of

Attorney in NewYork



Power of Attorney

• If you become incompetent, the Power of Attorney will allowyour agent to access and manage your assets and financeswithout initiating a court guardianship proceeding

• Only appoint a person you fully trust to manage your assetsand finances

• You continue to have authority over your money and property,but your agent also has similar authority.

• A Power of Attorney is a very powerful document because itgives your agent the authority to spend your money anddispose of your property during your lifetime without tellingyou.

– Your agent must act according to your instructions. If there are no specific instructions then he/she must actaccording to your best interest or risk breaking thelaw.



Who can be your agent under a

Power of Attorney in New York?

• Any adult (18 years of age or older),

including a family member or close friend



What kinds of powers may a

New York Power of Attorney

document include?• May include, but is not limited to, as much or as little power as you desire in

regard to: – Real estate transactions

– Personal property transactions;

– Bond, share, and commodity transactions; – Banking transactions;

– Business operating transactions;

– Insurance transactions;

– Estate transactions;

– Claims and litigation;

– Personal and family maintenance;

– Benefits from governmental programs or civil or military service;

– Health care billing and payment matters; records, reports, and statements;

– Retirement benefit transactions;

– Tax matters

• Does NOT include the ability to make health care decisions! Health caredecisions are made by a health care agent designated in the Health Care

Proxy form.



What do you need to fill out the

Power of Attorney form?• Your name and address

• Agent’s name and address

• Date• Grant of authority of specific powers listed

within document

• Signatures• Notary

Wh t h ld d ft



What should you do after

completing the Power of

Attorney form?• Keep a copy for yourself

• Give a copy to your agent

• Give a copy to each of the financial

institutions where you have an account

• Review and update periodically to assureyour wishes remain the same



Can you make changes to the

Power of Attorney form?• You can revoke or terminate your Power of

Attorney at anytime as long as you still havemental capacity to do so.

• If your are no longer of sound mind, a court canremove an agent for acting improperly.

• After revoking or terminating an agent’s power,you must provide written notice of the

revocation/termination to the agent and to thefinancial institutions who may rely on the Power of Attorney document.











Where can you obtain a New

York Power of Attorney form?

On the New York City government website--

• http://www.nyc.gov/html/dhs/downloads/pd

f/poa_ny_short_form1_%20082010.pdf

http://www.nyc.gov/html/dhs/downloads/pdf/poa_ny_short_form1_%20082010.pdf






Questions?



Intake Hours

777 Tenth Ave. (between 52nd St. and 53rd St.)New York, NY 10019

Intake: Mondays 4pm-6:30pm; Thursdays10am-12:30pm

Visit our website www.hcc-nyc.org

Documents

An Overview of Basic Estate Planning in New York for Seniors