The COVID-19 pandemic and New York on Pause Order issued by Governor Cuomo have brought to the forefront a lot of issues that many people have not considered.
The Pause Order resulted in the closing of the Courts in New York State with these Courts handling matters virtually and employees working remotely. At this time, Court employees are returning to their Courts but the prospect of returning to normal operations is unclear.
Let’s assume you need Court intervention for a Guardianship or to access funds from an Estate but the Court operations are non-existent or slow because of the backlog caused by the pandemic.
An option is to take matters into your own hands and PLAN, PLAN, PLAN!
The use of Health Care Proxy and Power of Attorney documents are vital in establishing a sound estate plan. The designation of agents to manage your health care needs and financial matters could potentially eliminate the need for Court intervention, such as a Guardianship proceeding, for a Guardian to be appointed for you.
Establishing a Trust is a further option to consider. A Trust can have many functions and purposes. One significant function is a Trust avoids the necessity of Court intervention – no probate or administration is required to administer a Trust. A well drafted Trust clearly designates beneficiaries and has a clear delineation of the Trustee and Successor Trustee.
For more than 40 years, our firm has been assisting people like you with long term care and estate planning needs. We bring you the knowledge and resources to protect you and your family. Armstrong & Lamberti, PLLC does not provide tax, legal, or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Call 718.477.7700 or contact us online to schedule a free initial consultation with an estate planning attorney at Armstrong & Lamberti, PLLC. We proudly serve Staten Island, Brooklyn and the other boroughs of New York City.