You may think you’re too young to worry about estate planning just yet, but starting early and staying on top of the process could mean all the difference when the inevitable time comes.
Estates can take years to settle, and all the while, you may have left your family with more questions than answers. Planning early and amending often can make sure you take care of your family in the event of an unforeseen tragedy, instead of navigating probate and finding solutions to unexpected issues.
You should form a plan early, and check back in after major life events:
- Having a child: Any specific outlines you have for your children should most likely be written down in a will. Appointing guardians, handling trusts and gifting property can all be very important steps toward taking care of your children after you’re gone.
- Buying a house: You should amend your will after any big purchase, and few are bigger than buying a new home. If you have plans for the house you want your family to abide by, like selling it and divvying up the money or leaving it to someone in particular, then you’ll need to spell that out.
- Getting a new job: A new job often comes with new perks in the form of assets. When you pass away your belongings will need to be split among your family and other beneficiaries, but without a will, it will follow the laws of the state. You’ll likely be happier with the outcome when you direct growing funds in the bank and freshly formed retirement accounts.
Settle disputes before they arise, direct assets where they need to go and leave everyone with peace of mind through early estate planning. Your family will likely be grateful as you continue to care for them even after you’re gone.