Do you think estate planning is necessary for older people only? Think again! If you’re a young individual with any assets like property, funds, or more, estate planning is a must for you. However, estate planning is complicated, as many services create trusts and wills for old people only.
Here’s everything young adults need to know about estate planning.
Estate Plans Are the Best Option in Catastrophic Medical Situations
Estate planning isn’t a priority for many young adults, as they focus on building their careers before wanting to divide it. But estate plans aren’t only for dividing your wealth and having a life plan; they are meant to be a backup option in unexpected and catastrophic situations.
We understand that this can be, but you need to be prepared for the worst. An estate plan lets you create a power of attorney, where a close, trusted person is responsible for your financial and healthcare decisions. In such scenarios, these healthcare decisions include treatment options and life support.
Estate Plans Help You Reduce Probate Costs and Efforts
Do you know that the probate process is unnecessarily expensive, long, and complicated? It gets even more complicated when a person leaves the world without a will or estate plan. In such cases, your inheritors have to wait for at least nine months to get their due share in your assets.
If you’re young and have assets, you can ensure that your heirs don’t have to go through the probate process. Make a last will or a living trust, and distribute your estate according to your will. In these documents, you can also appoint the person responsible for the distribution.
Estate Plans Let You Specify the Guardian for Your Children
If you have young children, an estate plan is a must for you! If you don’t leave behind a will, the court will decide the guardian for your children, and it’s not always the right person for them!
In some cases, the guardian is a close relative, while in others, the court gives guardianship to foster parents. If you want the best for your minor children, create an estate plan, and specify their guardian.
Estate Planning in Brooklyn
Without estate planning NYC, your assets’ fate will be left to the court’s decisions. At Ledwidge and Associates, we offer estate planning in Manhattan to provide proper guidance to young adults. Contact us and ensure that your will and trusts are ready for emergencies with our Queens Estate lawyer.
Ledwidge & Associates
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