Why Millennials Need a Will
You are not too young to have a Last Will & Testament
Many millennials believe that because they have a young family and have not accumulated a significant Estate they do not need a Will. If you imagine the unthinkable and one parent dies, what becomes of his or her “stuff?” If you do not have a Will, no worries! New York has written one for you. The law provides that the first $50,000 and one half the remainder of the Estate pass to your surviving spouse and the other half passes to your children. That’s probably not what you envisioned as you thought of the possibility that one of you might die early, especially if you have minor children. It’s more likely that you assumed that the survivor would inherit everything and he or she would take care of the children using the inheritance as an added resource.
Wait, the scenario gets worse! Minors cannot legally manage their own money. Instead a Court will appoint a “Guardian of the Property” to manage their money for them. While this Guardian will most certainly be the surviving parent, he or she cannot invest or spend the money without Court supervision. This places constraints on where the money can be invested, and it requires prior Court approval when it is spent. In addition the Guardian must report to the Court with an annual account. Finally, what remains of the child’s money is paid to him or her when the child attains 18 years of age.
Admittedly this blog has painted a “worst case scenario.” There are several intervening factors which may avoid the effect of some or all of the adverse consequences outlined. But why take a chance? Become proactive and implement your own plan by having a Will prepared and signed by you and your spouse. If you contact us, we can help.