You may think that estate planning is something that you only do when you are old or want to protect a vast fortune. However, adults in New York and across the country can benefit from creating an estate plan regardless of their age or net worth.
Create a will or trust
A will gives you control over where your assets go after you pass on. If you are a parent, you can name a guardian for your minor son or daughter using such a document. A revocable living trust can make it easier to manage assets while you’re alive, and as the trustee, you can alter the trust’s terms at any time.
Name an agent to make decisions when you cannot.
A durable power of attorney document allows you to name a person to make financial or medical decisions on your behalf when you are unable to. For instance, you could grant your best friend the authority to pay bills if you are in a coma or simply don’t have time to manage your own finances.
End your life on your terms
Through a living will, you can dictate what should happen in case you are in a coma or suffering from a terminal illness. For example, your living will could stipulate that you shouldn’t be resuscitated or fed through a tube.
Creating an estate plan may make it easier to protect a car, home or other assets, both while you’re alive and after you pass on. Furthermore, it can help make sure that your children are taken care of if you can’t do so yourself. If you have questions regarding how to create or amend an estate planning document, it may be wise to talk to an attorney.