A client once asked, “I’m not married, I don’t own a house and I don’t have kids; do I need to do Estate Planning?” The short answer is that no one is required to do estate planning. However, estate planning can be beneficial if a person wishes to appoint someone they trust to make medical decisions or financial decisions if they become incapacitated, or determine how their personal property will be distributed if they die. A basic estate plan early in life can also provide a solid foundation for future planning.
In New York, if a person dies without a will, the laws of intestacy will govern the distribution of the decedent’s assets. However, the laws of intestacy may or may not be consistent with the decedent’s wishes.
For these reasons and others, it is respectfully submitted that any person over the age of 18 in New York should consider estate planning.
If you have any questions about pet trusts, estate planning or any other trusts and estates related issue, please do not hesitate to call us at (914) 338-8050.
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The Law Offices of Keith R. Betensky, Esq.
The Empire Building
26 Village Green, Suite 4
P.O. Box 22
Bedford, New York 10506-0022