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Estate plans often have documents that overlap

Many New York residents want their estate plans to cover the important facets of their lives. Fortunately, there are many ways in which estate plans can help achieve that desire. However, it is important to remember that planning tools need to work well together in order for the details of the plan to work overall.

In many cases, individuals create living trusts as part of their estate plans. These trusts often hold assets away from the estate, which can then be used for certain expenses. For instance, if a person needs to stay in a nursing home, the trust may be able to address the related costs. This type of situation would overlap with the power of attorney because the appointed agent would likely be the one in charge of admitting the person for care and for ensuring that the expenses were paid, which would likely mean getting funds from the trust or trustee.

Additionally, a person's will may also overlap with the living trust. Commonly, individuals will use their wills to indicate that their remaining assets should go into the trust. As a result, the trust will then administer the estate or the majority of the estate.

Estate planning can certainly have its complexities. It is important that New York residents consider how the information in one document could influence the effectiveness of another document. This may seem complicated, but interested parties can enlist the help of legal professionals who can ensure that such issues do not negatively affect estate plans.

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