Caitlin and George’s parents have passed away. Caitlin and George were involved in the estate administration and also received a sizable inheritance. In this moment, Caitlin and George should review and update their estate planning documents to include proper tax planning.
Caitlin and Josh’s daughters are no longer minors and attend college nearby. Caitlin and Josh are divorced. Caitlin meets with her estate planning attorney to review her documents. She wants to name her oldest daughter as her health care proxy and both of her daughters as agents in her Power of Attorney. In this moment, Caitlin should update her health care and estate planning documents. She should express her health care wishes to her daughter. Also, she should change the beneficiaries of her retirement account and life insurance policy.
George and his girlfriend have a two-year-old son. George updates the beneficiary designation on his work related retirement account. His girlfriend is the primary beneficiary and his son is the secondary beneficiary. In this moment, George should update his Last Will and Testament to include a trust for his son. Also, he should discuss with his attorney how to proceed before naming a minor as a beneficiary of a retirement account.
Caitlin and Josh have adopted two girls. They have discussed who they should designate as a guardian of their children if something were to happen to both of them. However, they are not sure what other aspects of estate planning they should be thinking about now that they have children. They have read articles that suggest they should set up a trust for minors. In this moment, Caitlin and Josh need to meet with their estate planning attorney to review their Health Care Proxies, Living Wills, Power of Attorney and most importantly update their Last Will and Testament.
George executed a Health Care Proxy a few years ago and appointed his sister Caitlin as his health care agent. Over the years, George has expressed his health care wishes to his girlfriend in case anything were to happen to him, and comes to believe she would be the best person to advocate on his behalf. However, he has not updated his Health Care Proxy to reflect his wishes. In this moment, George needs to update his Health Care Proxy and review his Living Will.
George is working as a journalist in the city; he travels frequently for work. George is committed to and lives with his longtime girlfriend. His work requires him to move to Singapore for six months. However, he has several business matters which require his ongoing involvement in New York. He would like to authorize his girlfriend to be able to sign certain documents on his behalf while he’s away. In this moment, George needs a Limited Power of Attorney.
Caitlin has a term life insurance policy provided by her employer. Following her marriage, she forgot to change the named beneficiary from George to Josh. She wrongly assumed that everything automatically passes to her husband. In this moment, Caitlin needs an estate planning consultation.
A few years later, Caitlin meets and marries her co-worker, Josh. She doesn’t bother creating a Will at this time. She figures that the New York laws of intestacy will automatically pass her estate to Josh if she were to die. What she hasn’t considered is that without a written Will naming him as Executor of her estate, Josh will have to make time-consuming and uncertain petitions to the court. What’s more, Caitlin didn’t stop to think about the personal items of jewelry and art that she strongly prefers her sister to inherit. In this moment, Caitlin needs a Last Will and Testament, Living Will, Health Care Proxy and a Power of Attorney.
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