When Is The Right Time To Create An Estate Plan?
“When is the right time to create an estate plan?” “Am I too young to write a Will?” “Do I have enough assets?” These are a few common questions clients ask when inquiring with our team. Simply put, regardless of age and assets, every adult benefits from having the proper estate planning techniques in place. While the motives of creating an estate plan may vary for each individual, taking the time to create one should be a top priority at every stage of life.
Deciding what age you should be when you are ready to create a Will is a personal decision. Major life events such as marriage, growing families, and asset changes tend to ignite conversations about taking the necessary steps to protect yourself and loved ones from having to make heavy, unguided decisions.
Family Changes
Whether you are getting married, divorced, growing your family, or have aging parents, you likely want to have peace of mind that in the event something happens, your wishes will be carried out exactly as you envision. Growing families experience great joy as they navigate their parenthood journey. The important process of selecting guardianship of your adolescent children will help guarantee that they are adequately cared for in the future. Marital status often changes whom you want to make health care and financial decisions for you in the event of incapacity and is important to review every few years.
Portfolio Changes
Perhaps your years of hard work have resulted in considerable asset changes, you have come into an inheritance, or you have bought or sold property. Having a simple Will or a sophisticated trust prepared will help with a number of important goals such as: (a) providing clarity regarding distribution of your assets; (b) helping avoid or minimize the probate process; and (c) reducing taxes that might be payable on assets left behind.
Whether you are looking to protect your assets, minimize taxes in the event of a death, or protect your health care and financial decisions, creating an estate plan is essential to everyone. At any given age, working with an estate planning attorney to determine what is important to you and how to protect your legacy should be moved to the top of your to-do list. At a minimum, essential documents such as Powers of Attorney remain the most effective way to ensure that your wishes are carried out and goals are achieved. While most people tend to find legal decisions and conversations to be complex and stressful, they do not have to be. By working with a knowledgeable attorney to craft a personalized estate plan, you will be able to create a blueprint that will protect your specific wishes based on your season of life and the current goals that you have in mind.
** The information contained in this communication is not intended to constitute legal, accounting or tax advice.