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Why young New York residents need estate planning advice

The recent death of Bobbi Kristina Brown has put the spotlight on the need for younger people to create an estate plan. In addition to allowing them to decide how they want their assets to be distributed after they die, an estate plan may also provide many benefits while they are still alive. For instance, it may be possible to determine the type of medical treatment an individual is to receive in the event of incapacity.

As many young people have social media accounts, creating an estate plan may spell out who has the right to access them upon their passing. Choosing a trusted friend or family member to handle accounts may decrease the risk of unwanted tampering after an individual passes on. Additionally, an estate plan may contain language as to who gets any money in an investment or savings account.

This can be helpful in the event that an individual did not designate a beneficiary to an investment or retirement account. In lieu of a will, it may be possible to obtain beneficiary or payment on demand forms from a broker or the bank where the account was maintained. When the account holder passes, the beneficiary only needs the death certificate and a valid ID to gain access to the asset.

Regardless of how old an individual is, an estate plan may be beneficial. Comprehensive estate planning today can avoid family strife or infighting in the event that a person becomes mentally incapacitated. It may also make it easier to determine who gets control of a certain asset or who has control over personal online accounts. An attorney who has experience with these matters can recommend certain documents based upon a client's particular set of circumstances.

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