Even if you are not in a relationship, it is still a good idea to create an estate plan. This can help to ensure that the right person inherits your New York home, car, or brokerage account if you pass away unexpectedly. It can also ensure that someone is available to manage your affairs if you become incapacitated.
A will or trust is the foundation of a quality estate plan
A will allows you to dictate who gets your assets after your death, and it also allows you to name a guardian for a minor child. This can be important if your child’s other parent is unable to care for your son or daughter. A trust is similar to a will in that it gives you greater control over your property. However, this type of document takes effect as soon as it’s executed, and it also holds items outside of your estate. This can be helpful if you want to avoid probate after your death. An estate planning and administration attorney may provide more information about the potential benefits of a trust.
Consider adding a living will and power of attorney to your plan
Your living will is a document that indicates the type of medical treatment that you’d like to receive while incapacitated. An agent is someone appointed by you in a Power of Attorney, who will manage your assets on your behalf if you cannot do so on your own or otherwise. This person may be tasked with paying bills, selling items, or filing tax returns in a timely manner.
Estate planning is something that almost any adult can benefit from. Ideally, you’ll execute plan documents as soon as possible to ensure that you can do so while you’re still of sound mind.