Estate Planning For Young Adults: Do I Really Need A Will?

When you’re young, you think you’re going to live forever. And if you’re a teenager, and you’re lucky, you MAY have 70 or 80 more years ahead of you. But, you may NOT—you never know what’s in store for you. And that’s why it pays to start your estate planning early. In fact, we recommend that you start at age 18, when you become an adult.

“How can that be?” you say. “I don’t have a spouse or children to plan for. And I don’t own much of anything at all. Some clothes, a musical instrument, a computer, and a phone. Why do I need a will?” 

There are a lot of reasons…so let’s get started!

Why You Need a Will

Wills serve many purposes. Of course, the fundamental purpose is to ensure that your possessions are distributed according to your wishes. Even if it’s only your carefully curated collection of graphic novels or vinyl records, don’t you want it to be your decision on how it’s distributed? And if you have a beloved pet, you can specify in your will who will be its next caretaker. Without a will, the state’s laws of intestate succession will prevail. You’ll also want to name an executor you trust, and this is also done within the context of a will. Otherwise, the state will name the executor of your estate. 

Having a will simplifies the legal process and makes probate and estate administration less stressful for your family. And if you have specific requests, such as charitable donations or funeral plans, a will also allows you to address them. Your Long Island estate planning attorney can help you tailor a will to your particular situation.

Medical Advance Directives 

Estate planning involves more than just creating a will. Advance directives are legal documents that allow you to “direct” your medical and financial affairs should you become incapacitated. It’s important to be aware that if you do not have advance directives in place, the New York Family Health Care Act allows people close to you to make medical decisions for you. These decisions are to be based on your wishes, if known, and if not known, based on your best interests. Under the law, the surrogates who will make these decisions for you are, in order: spouses, children over 18, parents, guardians, siblings over 18, grandparents, and close friends.

These advance directives include the following:

Health Care Proxy – A health care proxy lets you appoint a health care agent for yourself in the event you are unable to make decisions. This should be a trusted person whom you can rely on to understand and carry out your wishes. In the state of New York, the health care proxy takes effect when two doctors decide that you are unable to make your own decisions. You can also name a second, alternate health care agent who will function on your behalf if your first choice moves out of state, or is otherwise unavailable, unwilling, or unable to act when needed. Two witnesses must watch you sign the health care proxy, although the document does not need to be notarized.

Living Will – A living will allows you to memorialize written instructions about end-of-life care and other health care decisions. You do not name a health care agent in your living will – this is done in the health care proxy. Your living will takes effect when your doctor confirms that you have an incurable condition and are unable to make your own decisions. Two witnesses must watch you sign. While a living will does not need to be notarized, estate planning professionals strongly recommend it.

Medical Order For Life Sustaining Treatment (MOLST) – New York allows you to accept or reject medical treatment, including life-prolonging treatment. This advance directive allows you to record your preferences for cardiopulmonary resuscitation, medical intervention, and other lifesaving treatments. It is essentially a physician’s order and must be completed by a healthcare professional and signed by a New York-licensed physician to be valid.

A health care directive remains in effect until you affirmatively cancel it. You can change or cancel a directive at any time. These directives are not just for the sick or elderly. They work best when they are accompanied by discussions with your family members and other loved ones about your personal values and beliefs.

General Power of Attorney 

Who would pay your bills, run your business, or otherwise take care of your affairs if you were stranded abroad or became incapacitated and unable to make decisions? A general power of attorney (POA) allows you to appoint an agent to act for you in certain specific areas upon some event, either immediately or in the future.  A general Power of Attorney is typically broad, often part of an overall estate plan to ensure that someone is responsible for your financial matters if you cannot be. General POAs can provide that the agent can:

• Conduct business transactions
• Buy insurance
• Handle financial and real estate matters
• Make gifts
• Settle claims
• Operate business interests

Sometimes this document is also called a Financial Power of Attorney. A POA can provide great peace of mind, knowing that someone has your back, but it is a big responsibility for the agent you appoint.  Be sure the agent is someone you trust and who generally understands your values and how you would want these things handled on your behalf.

Contact Davidow, Davidow, Siegel & Stern, LLC

Hopefully, you’ve learned a little bit more about why even young, healthy, and money-challenged twenty-and thirty-somethings need to engage in some estate planning. For your own peace of mind, and that of your loved ones, it makes sense to start working on this as soon as possible. Here at Davidow, Davidow, Siegel & Stern, we’ve been helping clients for over one hundred years, and we’d be delighted to help you, too. Contact us today.