Tragedy is a notoriously indiscriminate when it comes, to whom it strikes, and when. Rich and old, or young and flat broke, neither extreme is going to save you from a stray meteor turning you into a charred smear on the floor. As such, once you’ve become decently financially independent, it’s best to start planning your estate, regardless of how meager that estate may be, as soon as possible. Some accept this, others don’t, but it is a fact of life. So, if you’re in your 20’s, looking for an estate planning lawyer in NY, and wondering if there’s anything else you need to do, here are a few of the most important steps.
#1. Appoint a decision maker
Once you turn 18, it’s imperative that you appoint two people: a health care proxy and a power of attorney. These people’s jobs is simply to make health, legal, and financial decisions in the event the person is unable to make those decisions effectively for themselves. The power of attorney is also necessary if you’re a college student traveling abroad for study, and you need someone back home to help with finances while you are away. These are necessary documents, so your parents should have no issue whatsoever lending you the money to pay for them.
#2. Review beneficiaries/wills
While the other two on this list can be done when you turn 18, this should be done once you get your first job. Because jobs bring finances, 401(k)’s, and life insurance, among other financial insanities. So when you get your first job, enlist the help of your parents to go over your financial beneficiary and your will (if you have one, otherwise set about making one) as soon as possible. Like appointing your decision makers, this is not a Band-Aid you want to put off pulling off.
#3. Keep costs down
This is a step you might need that aforementioned estate planning lawyer for. Not to say you can’t do it yourself, but it is incredibly easy to screw up, and not every DIY template can be trusted. And it’s an entire process unto itself to redo this part, so it’s best to keep this to the professionals. It won’t take long to get this series of documents in order, but it’s still professional work.
Planning your estate can seem like a daunting task, as if you’re making preparations for the aftermath of your death before the death has even occurred. But it is a vital step once you become an adult, and better to have it done with now than be caught off guard later with a potentially worse situation. So, find good estate planning lawyers in NY, such as Neufeld, O’Leary & Giusto, and enlist their help to get your affairs in order as soon as you can.