People often think of estate planning as something that is only for extremely wealthy people poor people who are well into retirement. This line of thinking may explain why nearly half of all older adults do not have a will. The reality of the situation is that there are many benefits to an estate plan that anyone can benefit from. While there are many things estate planning can offer, is it too early for you to start planning?
When is the right time to start your state plan?
A thorough estate plan allows anyone who creates a plan to have peace of mind to know that they’re protecting their last wishes. Proper planning allows the person who creates the estate plan, or testator, to:
- Specify who inherits what from their state
- Appoint a guardian to take care of their children or vulnerable adults
- Establish a trust to help avoid inheritance taxes and specify how and when a beneficiary can receive their inheritance
- Dictate what medical choices they would make in certain occasions
None of these benefits come with a minimum age requirement, which means that anyone can make an estate plan at any time. If you have assets that are worth inheriting, dependents who need protecting, or you just want to make sure that your loved ones do not have to make tough medical decisions for you on their own, now is the best possible time to create your estate plan.
Where do you start?
If you are ready to talk to someone about creating an estate plan you can trust to protect you and your wishes, consult with an experienced attorney today. Their guidance can help you plan for any possible future, and they can also help you update your will if you have not done so in some time. Do not wait another day to start your planning.