The NY Times has an interesting article about James Gandolfini’s will. In particular, it points out some common mistakes that are made in the will of many in the general public. For example, leaving property to someone not of age to properly decide what to do with the property, not making allowances for who is required to pay for upkeep of shared property, and problems with ownership of foreign property.
An estate plan is a comprehensive plan by which a person plans how her assets are distributed after her passing. A proper estate plan accounts for estate taxes, probate costs, medicaid law, and veterans affairs law. A proper estate plan memorializes your wishes as to your personal health care in the event you become incapacitated or are otherwise unable to communicate your wishes to the medical professionals that are providing you treatment. Your estate plan should include a financial power of attorney so that in the event you are incapacitated a trusted friend or loved one can pay your bills and/or protect your assets while you are unable. Many estate plans further provide instructions as to your personal preferences and desires in the event you were placed in a nursing home or assisted living facility.
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