Protecting Your Future Interests At Any Age
Many people disregard the importance of having an estate plan because they believe they are too young or do not have enough wealth to justify drafting a will. In reality, having a carefully drafted will is an important step for everyone, regardless of age. At Trotto Law Firm, P.C., we help younger individuals draft important estate planning documents.
It is impossible to predict the future, but our New York estate planning lawyer will help you draft an estate plan that provides you with long-term security. We can help you understand your options and move forward with a plan that suits your individual needs and objectives.
Reasons Why You May Need A Will
A will is not a document reserved only for the old, ill, rich or famous. We create wills for younger people and people of any age. A simple will can provide you and your loved ones with peace of mind for the future. Some of the reasons why you may need a will include the following:
- If you are unmarried, you need to be able to document where you want your money to go and who will care for your minor children.
- Guardians should be appointed for minor children in families with younger parents. This controls where you want your kids to go, who cares for them and how your money will be handled for your children.
- If you travel frequently for work, you may be in harm’s way more than others who work locally or from home.
- If you are in the military or have a job that comes with certain risks to your personal safety, a will is an important step, regardless of your age.
- If you die without a will, the administration of your estate will go according to intestate laws. With a will, you can decide what will happen to your personal property.
- No matter your age, emergencies can happen. Wills and estate planning documents can allow you to outline your wishes regarding medical care, your pets and other factors.
If you do not have a will, there is no time to lose to put the appropriate protections in place through a carefully considered and professional estate plan drafted by an attorney.
Wills And Trusts
The main difference between these two estate planning documents is that a will is enacted after you die and shows your last wishes. A will controls your probate assets when you die and must be administered through Surrogate’s Court.
Whereas, a trust helps protect assets even while you are still alive. A trust does not require court intervention to administer and there are fewer costs. Trusts are also more versatile in distribution of assets than using a will.