Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Single New Yorkers need a well-crafted estate plan too

For single residents of New York, drafting estate planning documents might not be high on their list of priorities. While they might feel justified in avoiding the subject of the inevitability of the end of life and what will happen to their possessions, it is still a mistake for a variety of reasons. Even single people who do not have dependents should think about an estate plan. There are certain key aspects to an estate plan that anyone - not just those who are married, have a family or have significant assets - should understand before taking that vital step of creating the document.

A health care proxy and a power of attorney might not seem important to a young, healthy person. However, these documents are integral for anyone regardless of their situation, as they allow preemptive decisions on medical care and finances if the person becomes incapacitated. It should be someone the individual trusts to have their best interests in mind. A will is an obvious need, but there are factors to think about even after the will is written. For example, naming an executor is a vital part of a will, as the executor will handle probate and pay outstanding debts.

A smart step is to have a revocable trust that will be the will's beneficiary. With a revocable trust, the person can be the beneficiary while he or she is alive. If there is a significant other but no marriage, that person can be provided for. Beneficiaries should be listed as to who will receive the assets. There could be loved ones who the person wants to receive income streams and assets for their care and upkeep. A revocable trust needs a trustee, so that must be someone who can serve after the person has died and can manage the trust. Finally, the trust must be funded so that the person's goals can be carried out as they want them to and there is a sufficient amount to achieve their ends.

A common mistake single people make is believing that an estate plan is unnecessary and will not be required until later in life when there is a spouse and children in the picture. For single people, there are specific estate planning devices that are important and should be put in place as soon as possible before there is a negative event. Getting more information about estate planning options can help.

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: