New York individuals or couples without children may believe that creating a will is unnecessary.
Although having children is often an event that triggers couples to start thinking about estate planning, there are many other life events that are just as important and create the need for a will. Opening a bank account, purchasing a home or traveling out of the country are some examples.
Distributing your assets
If you are married, you and your spouse will need to decide how your assets will be distributed if one of you passes away first. Chances are, you would like your assets to go to your surviving spouse.
A will allows you to select your spouse as your beneficiary. Without a will, your assets will be distributed according to New York state law. This might not be exactly what you want.
If you are unmarried, you may still want control over what happens to your assets after you pass away. You can choose a parent, sibling, other family member or charitable organization to receive your assets.
Choosing an executor
In addition to specifying how you want to distribute your assets, a will allows you to choose someone as your executor. This is an individual who administers your estate and ensures the terms of your will are carried out.
If you are married, you may want to choose your spouse as an executor. If you are single, an executor could be a trusted friend or family member.
Powers of attorney
Another important function of a will is that it allows you to draft instructions for making medical or financial decisions if you cannot make them yourself. You can select someone to serve as your medical or financial power of attorney and allow them to make decisions on your behalf if you become incapacitated.
Whether you have children or not, a will provides you with the security of knowing your assets will be distributed according to your wishes and your loved ones will be protected after you pass away.
