AT WHAT AGE DO MOST PEOPLE BEGIN ESTATE PLANNING?
Most financial advisors agree that you should begin planning as soon as you become a legal adult and update your plan every 3-5 years. If you’re young and don’t have many assets, you might think that estate planning isn’t necessary for you, which is why most people don’t begin estate planning until their 30s or even later. However, people in their 20s can create a will, a living will, and power of attorney. A will determines how a person’s assets will be handled after their death, while a living will can be utilized to plan medical decisions for end-of-life care. Some people also create a power of attorney to establish someone to handle their assets and make other important decisions on their behalf if they become incapacitated and cannot communicate. Later in life, older people manage their estates by also creating a retirement plan.
WHY IS IT SO IMPORTANT TO PLAN YOUR ESTATE?
Estate planning is important for any adult who has at least some assets. If you unexpectantly pass away and you didn’t create a valid will, then your family may not be able to legally access your assets. This is because when a person dies without a will, the living relatives must go through probate court to determine a personal representative (someone to be in charge of the deceased person’s assets) and where the assets will be allocated. There’s a chance that the government could retain your assets. To avoid putting your family members through this hassle, you should consider writing up a valid will as soon as possible. If you’re young, you probably don’t want to think too much about death, but it’s best to prepare for any scenario anyways. If you’re married, own property, or have children, it’s even more important to plan your estate because you can establish legal guardianships for your children in the event of your death. Once you’ve reached certain checkpoints in life, it could be vital for you to have a valid estate plan.
Are you considering starting your own estate plan? You’ll probably want to speak with a trusted attorney who has your best interests in mind. No need to worry because Herting Law PLLC is on your side! Contact our firm today for high-quality legal counseling with an experienced estate planning attorney.