People nationwide, including New York, may think that estate planning need not be considered until they are middle-aged. However, the best time to draft wills, trusts and other documents is as soon as they are legally regarded as adults after turning 18. Estate planning is not only for people with significant assets. Having a job and a vehicle might only be the start, with marriage, children and buying a home in the foreseeable future. Life is unpredictable, and having estate plans in place can provide peace of mind.
Starting a career will involve naming a beneficiary for a 401(k) and other employment benefits like life insurance. Young workers who have no dependents typically name their parents as beneficiaries; however, keeping it up to date as life changes is crucial. Marriage, divorce and having children are some of the updates estate plans will need.
Along with a will, it is essential to establish a health care proxy because once a person turns 18, his or her parents can no longer make decisions about medical treatment for the individual. Additionally, a living will is another legal document by which a person can express his or her wishes for resuscitation, intubation or other life-sustaining treatments. When it comes to someone to handle financial matters, a durable power of attorney will appoint someone to deal with such issues if the testator becomes unable to do it. As soon as a person has children, appointing a guardian to take care of them should be added to other legal documents.
Estate planning for young adults can be daunting because death and disability is typically the last thing on their minds. However, lives can change in the blink of an eye and sitting down with an experienced New York attorney to discuss wills, trusts and other estate planning procedures would be a sensible step. Legal counsel can assess the person’s circumstances and explain the various options to enable the client to make informed choices. The same lawyer can then assist with keeping the documents up to date and address future changes.