Many young families shrug off estate planning, and the excuse is always that they are too young for it, not at risk, or can’t afford it. However, many are still troubled with the possibility that they could pass away, leaving behind their dependent spouse or children.
While no one expects to die at a young age, healthy young adults are exposed to illnesses and accidents just as older adults. That’s why estate planning is crucial for people of all ages. To get started on your estate plan, contact The Law Office in Diron Rutty in Bronx, NY.
Name Your Children’s Guardians
If something happens to one parent, the remaining spouse can keep raising the children into adulthood if they have the physical and emotional capacity to do so. But, what if something happens to both parents?
As a family and estate lawyer practicing for over 25 years, The Law Office of Diron Rutty understands the depth of this situation for the parents. Therefore, it’s necessary to name a preferred guardian if you don’t want the court to dictate someone.
Instructions for Assets Distribution
Being young doesn’t mean you do not have assets. Even your car, condo, and savings account will count after you pass away. For most married couples, assets are transferred to the surviving spouse if one spouse dies. If both parents pass away and leave young children, they want their assets to care for their children. Estate planning names a designated beneficiary in the event that something happens to the surviving spouse so that the assets are willfully used to support the children.
Naming Your Executor and Trustee
An executor is responsible for handling your financial matters, including locating your assets, valuing them, distributing your property, and hiring attorneys and advisors for your case. You want this to be someone trustworthy, who knows you, and is willing to carry on your wishes as you desire. For married young adults, this can be the spouse. If both parents are deceased, your trustee and executor should be the initial person named in your will.
Plan for Disability
There is a possibility that one or more parents can become incapacitated due to an accident or illness. It’s essential to plan for this too. This gives someone else the power to decide on their healthcare, given they don’t have that ability.
Spouses are the best candidates for this, but an additional two successors are required if the spouse is incapacitated. You might also want to utilize disability insurance since standard healthcare insurance does not cover disabilities.
Gone are the days when estate planning was only used by the rich and elderly. Even with a handful of assets, an estate plan for young adults is essential if you become incapacitated or pass away. You want your assets to be distributed as you wish so that your beneficiaries are protected and get what is rightfully theirs.
If you don’t have an estate lawyer yet, The Law Office in Diron Rutty is here for you. We represent individuals in the metropolitan area of New York City, Hudson Valley, and the surrounding counties. Visit or call our office today.