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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
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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
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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
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What is
“Basic Estate Planning?”
• Last Will and Testament
• Health Care Proxy
• Power of Attorney
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Last Will and
Testament in New York
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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.
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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.
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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.
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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.
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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).
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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.
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Health Care
Proxy
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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
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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
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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
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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
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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
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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
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Wh bt i
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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
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Power of
Attorney in NewYork
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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.
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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
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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.
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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
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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
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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.
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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
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Questions?
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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
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