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What Age Should I Create an Estate Plan in New York?

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It is common to believe that you might not need an estate plan until you are much older. However, life is unpredictable and you can never be too prepared. It is important to consider making an estate plan as soon as you begin building up your own assets, to ensure that your hard-earned work can go to a loved one. If you have questions or concerns about estate planning, contact our experienced New York estate planning attorneys at The Lauterbach Law Firm today to help. Our legal team is seasoned in estate planning and we are dedicated to helping you make the best choices.

How do I know when to create an estate plan in New York?

There is no correct answer to when you should start your estate plan. Creating an estate plan can be beneficial at any age. It is important to begin preparing an estate plan as soon as you acquire your own assets.

If you have questions on whether or not you should begin your estate planning journey, do not hesitate to contact The Lauterbach Law Firm today to discuss your options.

How can I protect my partner with an estate plan?

Today, it is more common to get married at a later age than past generations used to. However, millennials still may be involved in a long-term committed relationship. If you are in this situation, you may want to protect this person in the event that something happens to you. Marriage provides couples with benefits and rights that unmarried partners do not have. But, if you explicitly state these rights in your estate plan, you may be able to attain them. These rights can include:

  • Durable Power of Attorney: This allows a partner to have the right to act as an agent on your behalf regarding financial and legal issues.
  • Medical Power of Attorney: This allows a partner to make medical decisions on your behalf in the event that you are unable to do so.
  • Will or Trust: This can name a partner a beneficiary so that they can be entitled to your property.
  • Beneficiary Designations: This names a partner as the beneficiary of retirement accounts, life insurance, stocks/bonds, etc.

How can I protect my digital assets?

Technology has become prevalent in today’s society. This may mean that a majority of a millennial’s assets are digital. Examples of digital assets include social media accounts, electronically stored data, financial accounts, pictures, videos, loyalty programs, airline points, etc. By creating an estate plan that incorporates your digital assets, you can ensure that your estate plan is complete and all of these assets are taken care of. If you are interested in accounting for your digital assets, it is beneficial to appoint a digital executor who will have access to these assets and can distribute them according to your wishes.

If you have questions about digital assets or would like to include digital assets in your estate plan, it is in your best interest to contact our firm today to speak with one of our expert estate planning attorneys.

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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