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.
Once an estate plan has been established, people may assume that they don't need to worry about it anymore. However, there are several major life changes that may require someone to examine their plan to ensure that it is still appropriate for their new circumstances. These changes can include things like having children or moving to another state. Additionally, if the law changes, people may also want to review their estate plan.
In the wake of the U.S. Supreme Court's ruling legalizing same-sex marriage across the nation, many New Yorkers who are in same-sex relationships may be curious about what the ruling means for estate planning. Previously, same-sex couples did not enjoy some of the tax and estate benefits as people in heterosexual marriages. However, now those advantages are available to same-sex couples as well.
A will is just as important to an unmarried New York resident as it is to those with a spouse. Without a clear plan and directives, single people may risk having the distribution of their assets be determined by their state of residence.