Estate Planning Can Benefit Younger Adults
Most people under the age of 60 do not think about planning their estate very often, if at all. They tend to see it as something to address in the future – but there are several reasons why estate planning is a good thing for younger adults to invest in at a relatively early point in time – particularly if you are on the way up in the business world. If nothing else, it can grant peace of mind. The right attorney can help.
Start Small
Estate planning is more than just a will or a trust; it can include documents from a power of attorney to healthcare proxies. One of the first choices one can make in estate planning is learning which documents are right for you. For example, a person with few assets may not want to bother creating a trust, while a person with significant digital assets might choose to execute a separate document to protect those accounts in addition to a will or trust.
All this notwithstanding, many young people reasonably protest that they do not know which documents they may need as their lives go on. The answer is to begin one’s estate plan with basic documents – for example, a will and a power of attorney, or healthcare proxy (naming a person you wish to act for you if you become incapacitated) – and revisit your plan later in life. In fact, some assets require you to revisit your plan – for example, many life insurance policies will automatically remove an ex-spouse as a beneficiary if you are divorced.
The State Will Act For Someone Who Does Not Choose
While there are several positives to having an estate plan at a young age, many people simply do not bother to create one. If they are so unfortunate as to pass away young, though, a lack of an estate plan means they have died ‘intestate’ – that is, without a proper estate. New York law establishes a plan by which assets will be handed down – for example, if a person had a surviving spouse but no children or surviving parents, their spouse will receive their entire estate.
For some, this may be acceptable – but for many, the state’s beneficiary designations will not match their own choices. For this reason alone, you should have an estate plan at a young age. People want to have control over their property, and only by having an estate plan can they ensure their wishes are respected. This goes double for their healthcare – and, in the same vein, if you don’t appoint someone, the state may assign someone to act for you in the absence of a healthcare proxy.
Contact A Pleasantville or Mahopac Estate Planning Attorney
It can feel strange to think about an estate plan at a young age, but it is simply a tool designed to help you rest easier. An estate planning attorney from the firm of Meyer & Spencer, PC can help you determine what may be the best path for you and yours. Call or text our office today at (914) 741-2288 to schedule a consultation.
