Those in New York who are young, whether they ae single or married, often do not give much thought to estate planning. After all, they naturally feel as though they will live long lives, so creating wills is not an immediate concern. However, estate planning is an important concern for any adult.
A recent survey indicated that a whopping 78 percent of adults in the United States under 36 years old do not have wills. For many, they consider estate planning to be a task for older people, or they think they do not have much in the way of assets since they have so much debt. However, creating an estate plan gives a young adult an important voice in the event he or she becomes incapacitated or passes away earlier than expected.
Regarding incapacitation, a document known as a durable power of attorney is important for identifying who will assume the responsibility of making financial decisions on behalf of an incapacitated adult who can no longer do so. A second essential document is the health care advance directive, which includes a living will. This document outlines the party’s preferences ahead of time when it comes to the type of medical care he or she will receive if incapacitated.
Regarding assets, an important document is the last will and testament. Wills typically spell out who will get which assets upon a testator’s death. Establishing a trust may also be a viable option for safeguarding certain assets. Finally, keeping beneficiary designations up to date is paramount because 401(k) and life insurance programs might comprise the largest portion of one’s assets. An attorney in New York can help ensure that one’s wishes are effectively communicated in a well-considered and carefully drafted estate plan.
Source: wealthmanagement.com, “Engage Millennials in Estate Planning“, Jamil G. Daoud, June 19, 2017