How Early Should You Start Estate Planning?
Estate planning ensures that you have a say where your assets go after you die. For a lot of people, it is not something they begin thinking about until they get older. Thinking about our own deaths is not the most pleasant thing to think about, and we hardly do, especially when we are young. However, having a plan in place, no matter your age, is a sound idea and can help ensure loved ones are cared for when the time comes. You can set up a plan at any time and adjust it as you age.
When to Set Up an Estate Plan
Whether you have just graduated from college or have established a career with a family, it is never too early to start estate planning. In both cases there is good reason to consider what would happen to your family if you passed away. For instance, an estate plan at a young age would help your parents pay for your funeral in the event of your death. It would also give them control over your assets, like bank accounts, your apartment or home, belongings, and any other financial accounts you may have. While you may not think that you have a lot of assets, you may have more than you think, and estate planning early gives you a say on what happens to them.
For some people, a significant life event spurs their interest in estate planning. Milestones such as marriage, having a baby, buying a house, a new job, or the death of a loved one can make us consider the value in estate planning. It makes sense. As we accumulate assets, it becomes ever more important to protect them and make sure they go to the right people when the time comes to distribute them. Estate planning is also good for peace of mind. Choosing guardianship for minor children, helping your loved ones avoid probate, and deciding who gets what can all go a long way toward feeling confident about the future. Estate plans can be tailored to your needs.
When to Revise an Estate Plan
Of course, an estate plan may be in place for many years. And over those years, your life will undoubtedly change in a number of ways, from earning more income to having children or grandchildren. Your estate plan can be set up reflect your current situation. Again, it may be tempting to delay planning while you are younger, or until your situation improves. However, the best way to approach it may be to set your estate plan now and have it change as your circumstances change. It could change when you get married, have children, retire, or require long-term care. It is better to have your assets protected than not.
If you are considering an estate plan, it may be wise to put together a list of all of your assets, investments, insurance policies, retirement accounts, possessions, valuables, or anything else that should be included. Think about what you would like those assets to do for you and your loved ones. Think about who you would trust if you were incapacitated to make medical and financial decisions for you. Consider contacting those people and any potential heirs you may have and discuss your plans. Make clear what your wishes are going forward, and as you update your estate plan.
Do I Need a Lawyer for My Estate Plan?
When preparing for your estate plan, an experienced estate planning attorney can help you through the process. It can be complicated and hard to know what steps to take, but an attorney can offer sound advice to help you make decisions which are best for you and your family. It is never too early to start. Don’t wait, call The Mattar Firm today. 239-222-2222.