A chronic illness such as cancer or Alzheimer's disease could have a significant impact on a person's life. It can also influence how a person constructs his or her estate plan. Ideally, an individual who has a chronic illness will create a medical power of attorney as well as create a Health Insurance Portability and Accountability Act (HIPPA) release. This will allow another party to access an individual's health records and make medical decisions on the incapacitated person's behalf.
An estimated 57 percent of adults in New York and throughout the United States don't have a trust or will. When these individuals pass away, family members must go to a probate court in order to sort out the finances of the deceased. Even those with wills must often go through probate. This can cause contention and hostility between family members and friends. A transfer on death (TOD) account may be the solution to these issues.