Estate Planning For Young Adults

When it comes to estate planning, most people think it is about what happens to our stuff when we get older. Few people understand that it is also about what happens to ourselves while we are still young. 

As soon as we turn 18, we are considered legally responsible for our own decisions in terms of finances and health. This means that parents of young adults lose their legal authority over their child and are no longer able to access their health or education records or assist in managing their affairs. For this reason, it is critical to hire an estate planning attorney. They can help you handle the complex legal issues involved in estate planning and ensure that you have all the necessary documents in place, including advanced directives.

Having a plan in place with the help of a skilled New York estate planning lawyer can alleviate stress and confusion for both the young adult and their loved ones. Don’t wait to secure your future; contact New York Legacy Lawyers at (718) 713-8080 to schedule a consultation and start planning with confidence.

Why Do Young Adults Need Advanced Directives?

Advanced directives are essential legal documents that young adults should consider to ensure that someone they trust can make important decisions on their behalf in the event of sudden incapacitation or unforeseen circumstances. Having these directives allows them to:

• Designate a Trusted Person: Young adults can appoint a trusted individual, typically a parent or close relative, to legally access their medical and educational records. This person can manage the health and financial decisions if the young adult becomes unable to do so due to unexpected events or incapacity.
• Specify Treatment Preferences: Advanced directives provide clear instructions to healthcare providers and family members about the young adult’s treatment choices, including preferences for medical care, end-of-life decisions, and financial matters.
• Ensure Wishes are Respected: By having advanced directives in place, young adults can ensure that their preferences are respected, even if they are unable to communicate them. This helps avoid potential conflicts among family members and provides peace of mind, knowing that their wishes will be followed.
• Prevent Delays in Care: Without advanced directives, there may be delays in receiving necessary medical care, as healthcare providers might need to wait for legal permissions. Having these directives in place ensures prompt and appropriate medical interventions.

While young adults may not typically consider the necessity of such documents, the reality is that life is unpredictable. Advanced directives serve as a proactive measure for young adults to maintain control over their healthcare and financial decisions, providing clarity and security for themselves and their families in unforeseen circumstances.

What Documents Are Included in Advanced Directives?

There are four documents we include in our Advanced Directives packets:

• Power of Attorney: for financial and legal decisions 
• Health Care Directives: for health care decisions
• FERPA authorization: which allows access to education records
• HIPPA release form: which allows access to medical records

Let’s take a deeper dive into each one:

Power Of Attorney 

Young adults may need powers of attorney to authorize someone they trust to make important financial or legal decisions on their behalf. Parents may encounter situations where their young adult children are unable to manage their affairs due to unexpected events, such as an accident or illness, or when they are traveling or away from home and need someone to act on their behalf. 

Powers of attorney can be durable or non-durable and can cover a range of decision-making authority, such as managing bank accounts, paying bills, signing contracts, and making medical decisions.

A power of attorney can help ensure that their financial and legal matters are taken care of according to their wishes, without the need for a court-appointed conservatorship or guardianship. Having a power of attorney in place can also prevent potential disputes among family members or other loved ones and provide peace of mind to both the young adult and their family.

Mental Health Power Of Attorney 

In New York, a mental health power of attorney is a legal document that allows an individual (referred to as the “principal”) to appoint a trusted agent to make mental health treatment decisions on their behalf in the event that they become unable to make decisions for themselves. This type of power of attorney is authorized by the Mental Hygiene Law in New York State.

A mental health power of attorney can be particularly important for individuals who have a history of mental health issues and want to ensure that their wishes regarding their mental health treatment are followed. The agent appointed in the power of attorney document can make decisions about the principal’s mental health treatment, including consent to or refusal of treatment, and decisions about hospitalization, medication, and therapy.

It’s important to note that a mental health power of attorney only applies to mental health, for general Medical Care you need the document up next.

Type of Power of Attorney	Description
General Power of Attorney	Authorizes someone (agent) to make financial and legal decisions on behalf of the individual (principal). Can cover managing bank accounts, paying bills, signing contracts, and making medical decisions. Can be durable (remains valid even if the principal becomes incapacitated) or non-durable.
Mental Health Power of Attorney	Specific to mental health treatment decisions. Allows the appointment of an agent to make mental health treatment decisions on behalf of the principal if they become unable to decide for themselves. Covers consent or refusal of treatment, hospitalization, medication, and therapy. Authorized by Mental Hygiene Law in New York State.

Health Care Directives & HIPAA Release 

Health Care Directives (also known as a durable power of attorney for health care) provide a set of instructions for family and medical professionals to follow in the event of a medical emergency. A healthcare proxy should be familiar with their values and wishes, and will help plan for situations that cannot be foreseen, such as a serious car accident or stroke.

FERPA Release 

As a general rule, it is a good idea for college students to sign a FERPA release, as it allows their parents or legal guardians to access their academic records and other educational information. The Family Educational Rights and Privacy Act (FERPA) is a federal law that protects the privacy of student educational records, but it also allows for the release of those records to parents or legal guardians of dependent students under certain circumstances.

By signing a FERPA release, a college student can authorize their parents or legal guardians to access their academic records, including grades, transcripts, and financial aid information. This can be helpful for parents who want to stay informed about their child’s academic progress and provide support when necessary. 

Now that we have talked about what these documents do and why they are important, let’s discuss how to set them up! 

Because all 18-year-olds are considered legal adults, the decision to sign these Advance Directives should be made in collaboration with their parents or legal guardians and an estate planning attorney. While you may obtain some documents on your own such as the HIPPA release, the Financial Power of Attorney in particular is a powerful document that should be properly prepared by an attorney. This ensures that the documents will work as intended and your attorney can also provide counsel on how to use them correctly. Creating advance directives is an important part of planning for the future, if you are ready to get started make sure you contact us today.

Estate Planning For Young Professionals

Many young professionals neglect estate planning, since they have few assets, are single, and in good health. However, estate planning is just as necessary for a young professional as it is for older, rich, and married individuals. 

One of the critical aspects of estate planning is creating a power of attorney. This document authorizes someone to act on your behalf in financial and medical situations if you become incapacitated.  With the power of attorney, should the unexpected happen, you can avoid guardianship, which can be expensive and time-consuming. 

Another important estate planning tool is an advanced directive for healthcare.  If you have set up an advanced directive, you will appoint a healthcare proxy to make medical decisions for you should you be unable to make them yourself. This document also enables you to specify your preferences for end-of-life care and organ donation, which can alleviate the burden on your family. 

Creating a will or trust is also essential in estate planning. Without a plan, the law determines the distribution of your assets. Having a will allows you to decide on the allocation of your assets, which also involves designating a legal guardian for your underage children. In addition, a trust can help you avoid the probate procedure and make certain that your assets are distributed according to your preferences. 

If you’re a young professional looking to secure your future and protect your assets, consider working with a skilled New York estate planning lawyer. At New York Legacy Lawyers, our team of experienced estate planning attorneys may be able to help you create a comprehensive plan that addresses your unique needs and goals. Contact us at (718) 713-8080 to learn more about how we can help. 

https://yanafeldmanlaw.com/estate-planning-for-young-adults/
from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/estate-planning-for-young-adults/

10 Frequently Asked Questions About Setting Up A Will

For most of us, planning for what happens to our possessions after we leave this earth is not a top priority. This is evident from the fact that 6 in 10 American adults haven’t created a will or living trust. This oversight is frustrating because even a small amount of planning regarding our assets can save our heirs a great deal of stress, effort, and money.

Here’s what we’re saying: a will is critically important for the loved ones we will all leave behind. If we all knew a little bit more about what to expect and how to approach end-of-life planning, the number of Americans planning ahead would likely exceed the current 40%.

To help you, we’ve outlined 10 quick facts to help you better understand how wills work. At New York Legacy Lawyers, our New York estate planning lawyers are available to answer your questions and assist you in starting your will and estate plan. To learn more about how we can help, call us today at (718) 713-8080 to schedule a consultation.

1. How Do Wills Work?

A will, also known as a last will and testament, is a legal document that details how you wish your assets to be distributed upon your death. It ensures that your property goes to the individuals or organizations you designate. By clearly expressing your intentions, a will provides a guide for the executor—an individual or institution appointed to manage the estate—to follow, thereby minimizing confusion and conflict among beneficiaries. This document can cover a wide range of assets, including real estate, personal property, financial accounts, and even digital assets. Additionally, a will can name guardians for minor children, specify funeral arrangements, and set up trusts if necessary.

The primary benefit of having a will is that it significantly reduces the potential for disputes among heirs, as it eliminates uncertainty about your wishes. Without a will, state intestacy laws determine asset distribution, which might not reflect your wishes and could lead to lengthy legal proceedings. By proactively addressing these issues, a will helps streamline the probate process, where the court validates the will and oversees the distribution of the estate. This not only provides clarity and peace of mind for your loved ones but also can save time and reduce legal costs, ensuring a smoother transition during a difficult period.

New York estate planning attorney

2. What Really Happens If I Don’t Leave a Will?

If you don’t have a will, that’s when a series of “if/then” property laws will govern how your family will receive your belongings. For example, your property will be divided based on whether or not you have a spouse, children, parents, siblings, and more. 

NYCcourts.gov does an excellent job of explaining this further.

3. What Are the Requirements for Creating a Will?

For a will to be legal in New York the following are basic requirements that should be met: 

• The testator (the person creating a will) must be at least 18 years old and of sound mind.
• The will must be signed by the testator (you) or someone with legal authority to sign on a testator’s behalf
• The will must be signed in the presence of two witnesses, and it must be written.

4. Do I Have to Leave My Estate to a Person?

If you’d like, you can leave your estate to a charity, school, or church instead of an actual person.

5. Do I Leave Instructions for My Burial in the Will?

You can technically leave instructions for your funeral in your will, but it’s best to express your funeral wishes to your loved ones verbally or in another document.

6. Does a Will Have to Be Notarized?

In New York, wills don’t have to be notarized to be legal.

7. Can I Void a Will Anytime?

You can revoke a will at any time by destroying it. Burning it or shredding it will suffice to demonstrate intent to destroy it. Alternatively, you may create a codicil. Regardless of your options above, it’s best to discuss your options for voiding a will with an experienced estate planning attorney.

8. What’s a Codicil?

A codicil is an amendment or change you make to an existing will.

9. Can I Create a Will If I’m Unable to Sign My Name?

If you’re unable to sign your name but have been legally signing with an “X” that will count as a signature. Or if you have given legal permission for someone else to sign your name, that person can sign your name on a will in the presence of your witnesses.

10. What Classifies as Being of Sound Mind? 

If you can understand what you own and who you’d like to leave it to, then you’re likely to have a sound mind.

Will or Trust: Which Is Right for You? 

Wills and trusts are both useful for estate planning, but they offer different advantages. The legal documents pertaining to estate planning are subject to state-specific laws and regulations. You may have both a will and a trust, and the information included in each should work together.

In New York, the key difference between a will and a trust lies in the probate court, which is also referred to as the Surrogate’s Court. Probate court is necessary for a will, but not for a trust.

What Is a Will?

A will is a legally binding document that allows you to name an executor to oversee your estate, appoint guardians for your children and caretakers for your pets, determine how your assets are distributed, and express your final wishes and arrangements. However, it is only effective after your death.

A will has some limitations when it comes to distributing assets and is also subject to a probate process, which means it becomes part of public records. Probate can be expensive and time-consuming, which can add to the carrying costs, expenses, and commissions of administering a New York estate. The distribution of assets generally requires a minimum of six months to be completed.

What Is a Trust?

Trusts are more complex than wills and offer various benefits to your estate and beneficiaries. You have various trust options available to you. A significant advantage of trusts is that they avoid probate. To fund your trust, you must transfer legal ownership of your assets to it, and the trust will then become the owner of those assets.

Typically, a trust enables you to administer and allocate your assets throughout your lifetime and beyond. You can place any of your assets inside the trust, which provides greater control over how they are distributed. There are many types of trusts available, more than those available for wills. At New York Legacy Lawyers, our New York estate planning attorneys can assist you and your family in navigating the estate planning process to achieve your asset protection objectives.

Questions About Wills	Answers
How do wills work?	A will directs where your property goes after your passing, reducing legal complexities and disputes.
What really happens if I don’t leave a will?	Without a will, property laws determine how family receives belongings based on relationships.
What are the requirements for creating a will?	The testator must be at least 18 years old and of sound mind. The will must be signed by the testator or someone with legal authority. It must be signed in the presence of two witnesses and be written.
Do I have to leave my estate to a person?	You can leave your estate to a charity, school, or church instead of an actual person.
Do I leave instructions for my burial in the will?	It’s best to express your funeral wishes to your loved ones verbally or in another document.
Does a will have to be notarized?	Wills in New York don’t have to be notarized to be legal.
Can I void a will anytime?	You can revoke a will at any time by destroying it or creating a codicil. Discuss voiding options with an estate planning attorney.
What’s a codicil?	A codicil is an amendment or change you make to an existing will.
Can I create a will if I’m unable to sign my name?	If you’re unable to sign your name, alternatives like an “X” signature or another person signing on your behalf may be used.
What classifies as being of sound mind?	If you can understand what you own and who you’d like to leave it to, you’re likely of sound mind.

Who Keeps the Original Copy of a Will

The disposition of the original will varies based on the preferences of the testator (the person making the will) and the advice of their attorney. Some common practices and considerations for keeping an original will include:

• Attorney’s Office: Many people choose to leave the original will with the attorney who drafted it. Attorneys often have secure, fireproof storage meant for important documents, ensuring the will’s safety. It is essential to inform the executor or trusted family members about its location in case of the testator’s passing.
• Safe Deposit Box: Some individuals opt to keep their wills in a safe deposit box. However, this choice may have potential complications. Upon death, the safe deposit box could be temporarily sealed, making it difficult for loved ones to access the will promptly. It might require a court order to access the box.
• At Home: Storing the will at home in a fireproof and waterproof safe is another option. However, it is crucial to inform trusted individuals of its location to ensure it can be found when needed.
• Filing with Surrogate’s Court: Individuals may file their wills with the local surrogate’s court for safekeeping. However, doing so may make the will a matter of public record. It’s essential to consult an attorney to understand the implications and the process involved.
• Copies: While the original will is crucial for probate proceedings, having copies is advisable. Ensure that your executor or trusted family members know where the original will is kept. Copies alone are generally insufficient for probate but can provide guidance if there are any questions about the will’s contents.
• Review and Update: Wills should be reviewed and updated after significant life events, such as marriage, divorce, birth of a child, death of a beneficiary, or substantial financial changes. Each time the will is updated, make sure the most recent version is securely stored, and older versions are destroyed to prevent confusion.

Regardless of where the will is stored, ensuring that chosen individuals can access it when needed is of utmost importance. For specific guidance related to wills or any other legal topics, it is best to consult with a New York estate planning attorney.

We’re Here When You’re Ready

Setting up a will is a critical step in ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of after you’re gone. Understanding the intricacies of estate planning can be daunting, but you don’t have to do it alone. A knowledgeable New York estate planning lawyer can provide you with the guidance and skill you need to create a comprehensive and legally sound will.

At New York Legacy Lawyers, our experienced New York estate planning attorneys are dedicated to making the process of setting up your will as smooth and straightforward as possible. We can provide personalized advice tailored to your unique circumstances and help ensure that your estate is handled exactly as you wish.

Don’t leave your future to chance. Contact us today at (718) 713-8080 to schedule a consultation and take the first step towards peace of mind for you and your loved ones.

https://yanafeldmanlaw.com/10-frequently-asked-questions-about-setting-up-a-will/
from New York Legacy Lawyers by Yana Feldman and Associates https://yanafeldmanlaw.com/10-frequently-asked-questions-about-setting-up-a-will/