A recent survey found that two-thirds of Americans have no estate plan. Have you considered what will happen to your assets when you pass away? If you have loved ones, these can be critical questions to address at benchmark moments in your life.
Admittedly, it's not always a fun topic to think about, but proper estate planning can leave your family members well taken care of while preventing unwanted litigation after you are gone. In this article, we will explain when it is the right time to start the estate planning process.
Estate Planning in Your 20s
Writing your will may seem like something you do toward the end of your life. In fact, financial planning involves multiple steps and documents that should be completed throughout adulthood.
Estate planning should ideally begin in your 20s. When you become a legal adult, you should begin thinking about medical directives. How your family takes action if you are incapacitated is one example.
Assigning a power of attorney is another document that you should complete. If you have any significant accumulation of savings, then you will want to outline who inherits those assets.
Estate Planning in Your 30s
If you do not have a will by the time you turn 30, don't delay that important financial planning step. You may also want to consider placing your assets into a trust. Doing so could protect your wealth from being fought over in probate courts.
A trust can also make transferring ownership of your assets to your children easier. The attorneys at Monastra & Grater, LLC can help you set up a trust that protects your assets.
Estate Planning in Your 40s
By the time you are 40, you should hopefully have a trust, power of attorney, and will in place. If not, these should be the first areas of focus.
Once your financial planning basics are set, talk to your parents to ensure they have the right documents in place.
Estate Planning in Your 50s and 60s
Although many Americans still do not have all their financial planning documents in place by this age, you should by this point. This is also a good stage in life to update your estate plan.
Maybe your children are planning families of their own. You may want to update your will to account for your grandchildren's college expenses, for example.
Estate Planning in Your 70s and Beyond
By this point, you absolutely should have your estate plan fully completed. Some details of your plan need to be communicated to your beneficiaries. Make sure that your close relatives know where these important documents are.
Throughout your 70s and beyond, update your plan as personal and business circumstances change. Along the way, MG Law is here to help!
Learn More Tips for Proper Estate Planning
Estate planning is a process that begins early in life. During important life stages like marriage or retirement, your plans need to be updated accordingly. Our attorneys are here to make that process successful and convenient.
We work hard to exceed your expectations. Contact our office online today, and one of our attorneys will respond to you quickly.