Many people believe that estate planning and writing a Will is only for those who run their own businesses, own a huge amount of real estate, have expensive jewelry or generational wealth, and are generally wealthy. However, this is not true. There is no specified time when you should start estate planning. You can start it anytime, regardless of how much asset you have and your net worth.
Estate planning is important. It provides long-term protection for you and your family. It can lower the financial burden on your family and give them a life of peace when you are gone. With a proper estate plan, you can ensure that your family members are taken proper care of after you pass away. Hire an estate planning attorney for legal advice.
When should you start estate planning?
There is never a wrong time for estate planning. While most people think estate planning should be reserved for the older days, you never know when might be your last time seeing your family members. Life can be inevitable, so it is better always to remain prepared for what is to come.
Whether you are a high school graduate or the breadwinner of the family, you should consider making an estate plan if you already have not. Usually, young and single people believe there is no reason to plan their estate because they do not have much to leave to anyone. However, an estate plan is not just about leaving inheritance to kids and family.
An estate plan can help your parents and family plan and pay for your funeral and burial. It also ensures that your family has access to your assets in case something happens to you. These include the following:
- Your home or apartment
- Your personal belongings
- Your bank account
- Other financial accounts
- Any available life insurance policies
When should you change your estate plan?
Experts suggest changing and updating your estate plan every 3 to 5 years or as soon as something significant happens in your life. Here are some situations when you might consider updating or changing your estate plan:
- When you have children (appointing a guardian, creating a trust, etc.)
- Marriage, divorce, remarriage (removing the ex-spouse’s name and/or adding the current spouse)
- Before traveling (to ensure things remain safe if something happens to you while traveling)
- After inheriting money or other assets
If you have not yet considered creating an estate plan, it is time you do. People who think they have time often end up leaving their families in court, battling to get access to assets. Hire an estate planning attorney today.