Estate planning isn’t just for your bank account

Estate planning is an easy thing to put off when you are young, healthy and still in the process of establishing yourself.

However, without  a will, New York intestacy laws dictate who inherits your property. Without a power of attorney and health care proxy, trusted loved ones may not be able to handle your finances or medical decisions if you can’t. Before you put off creating an estate plan yet again, consider the many elements you could be overlooking.

Your landlord and your lease

In New York, a lease is a legal contract that does not simply vanish. If you are not there to manage it, your family might face hurdles just to get into your apartment to collect your clothes, take care of a pet or return your keys. Without naming a trusted legal representative, your landlord may require proof of legal authority, and sometimes court paperwork, before allowing anyone access.

The digital trail you leave behind

Your digital property and accounts deserve protection. Without an estate plan, someone you may not trust or even like can wind up with duties like:

• Closing or memorializing social media profiles
• Accessing and cancelling subscription services
• Managing cloud storage filled with years of personal photos and videos
• Accessing email accounts

You can authorize your executor or another fiduciary to manage digital accounts. This ensures your online presence is handled the way you want, by someone you trust to be careful, deliberate and discreet.

Your personal values and beliefs

Beyond your bank account, an estate plan can protect aspects that matter to you on a personal, cultural or spiritual level. You can name a caretaker for your pet and set aside funds (such as through a pet trust) or share your specific wishes for final arrangements and charitable gifts. These choices ensure your personal preferences are honored, providing a clear roadmap for the people who know you best.

Simplifying the heavy lifting for others

By setting up a basic plan, you can save your loved ones considerable time, energy and heartache. They will not have to spend months in the county courthouse. They will not have to fight to talk to your phone provider or car insurance company. It turns a potential mess into a clear set of instructions. Taking these steps is a kind act for the people you love.