Why do you need an Estate Plan if you are 18 years of age or older?
Married or in a relationship
You have minor children
In NY a spouse gets the first $50,000 and 1/2 of the remaining assets, the other half goes to children. If you are not married and your partner dies without a will, with assets in their name only. They will be distributed based on NYS law.
Who will be the guardian for your children should you pass away? Who will be the Trustee in charge of your Children’s money?
Do you trust the court to appoint a trustee or guardian for your children?
David A. Kubikian, Esq. – Principal at Herzog Law Firm talks about why Estate Planning for Young Families is so important.