Many people think estate planning is only for the wealthy or elderly. This common misconception can lead to many issues for someone at any age. Whether you are 18 or 81, you should have some form of an estate plan. The question of when to start estate planning has a simple answer, and that’s NOW. Being prepared for any stage of life can help you and your loved ones avoid unexpected issues in the future. We can all prepare for the unexpected regardless of our age or financial situation.
When to Start Estate Planning
It’s never too late or too early to start estate planning. Another common misconception about estate planning is that once you have a plan it is set in stone. This misconception may deter some from making a plan, but your estate plan can and should change and be updated as you move through life.
For young adults, you may not have many assets to plan for, but you still have healthcare decisions that should be documented and you’ll also need to grant permission to someone you trust to advocate for you in case of an emergency. Especially for young adults that are first leaving the nest, it’s important to have a few estate planning documents that will protect your wishes and grant access to medical information.
If you are a little further along in life, maybe just married or starting a family, there are more significant parts of an estate plan that you need. At this point you may be accumulating assets and should have a solid plan for your family in case anything were to happen. Moving past this phase of life, if you are nearing retirement or beyond, it’s still not too late to have a plan if you don’t already. At this stage of your life it may be most crucial to have a solid plan in place that will help your family in case anything were to happen to you. An estate plan will help keep your loved ones from going through the probate process, which is timely and can take a good portion of your wealth that you may have intended to pass down.
Estate Planning For Any Stage of Life
No matter what stage of life you are in, it’s important to have your affairs in order, whatever they may be for your situation. If anything were to happen to you, having a plan will protect you and your loved ones from unnecessary stress and grief.
Not sure what you need in your estate plan? We can help you! We offer a free initial consultation so you have nothing to lose. Contact us today and see if we are the right fit for you.
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Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is a substitute for, qualified legal advice. Your review or receipt of this article by Lexern Law Offices, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.