Estate Planning Fundamentals: Times To Consider It
It's never easy to come to terms with your end of life, but it's in your best interest to not only accept it but plan for it at some stage. Unfortunately, many people don't understand the importance of it or know when they should establish an estate plan. Here's a look at a few things that you should know about estate planning and when it's beneficial.
Do You Have Children?
If you have children, it's in your best interest to establish a full estate plan so that there's no question about what happens to your estate in the event of your death. Having a comprehensive estate plan, including guardianship orders, power of attorney, and trust establishment can help to prevent your estate from facing a lengthy and complicated probate process, ensuring that your children get what you want them to without legal intervention or challenges.
Are You Just Starting Your Adult Journey?
It's important to understand that an estate plan is a living document that can evolve with you throughout every stage of your life. That's why it is in your best interest, as a young adult, to establish an estate plan now, before you really have an established, complex, high-value estate. That way, you can simply add to or adjust the existing plan as needed to meet your changing needs through each life stage.
Have You Recently Retired?
As retirement approaches, you should start thinking about an estate plan, if you don't have one already. Estate planning for those in retirement is a little different because you're entering the final stages of your life and preparing for inheritances, the potential for long-term care, and so much more. Make sure that you consider how you're going to spend your early retirement years, whether you'll be traveling or pursuing new adventures, and consider those costs as you establish any trust funds or other estate planning structures. That way, you can be sure that you have the finances you need while you still allow for the inheritance you wish to leave your loved ones.
Do You Just Want Peace Of Mind?
Finally, many people choose to establish an estate plan simply for the peace of mind that it provides. If you just want to know that your estate and investments are protected and will be handled the way that you wish after your death, an estate plan is a good way to go. You can talk with an estate planning attorney today.
These are just a few of the many reasons to consider an estate plan. Talk with an estate planning attorney for more information.