Estate Planning Throughout Life
You can create your estate plan at any time. However, many people choose to start estate planning sooner rather than later. While life can be unpredictable, estate planning throughout life’s stages provides the peace of mind that your wishes will be upheld.
When to Start Estate Planning
There is no designated age for establishing an estate plan. Ideally, it’s best to create advance healthcare directives, such as medical powers of attorney, while you’re in good health. This ensures that your preferences for care and treatment are clearly communicated. For this reason, we recommend drafting medical powers of attorney as soon as you reach legal adulthood. Then, once some money and property are accumulated, more thorough estate planning should be started. Estate planning becomes especially crucial when starting a family because it establishes guardianship for children under the unfortunate circumstance that parents cannot care for them.
Estate Planning During Different Stages of Life
Your estate plan consists of living documents, not a one-time task to check off your to-do list. Significant changes in your life serve as compelling reasons to either establish a new estate plan or revise an existing one. Such changes include:
● Marriage or divorce
● Birth or adoption of children
● Death of a family member
● Purchase or sale of property
● Starting a business
● Receiving an inheritance
When you begin estate planning as a young adult, your initial plan might encompass only a handful of essential documents, like a will and medical and financial powers of attorney. Over time, your plan will naturally expand to encompass a broader range of intricacies, necessitating the creation of supplementary documents.
The choices made throughout the estate planning journey carry consequences for your finances, assets, and the eventual distribution of your wealth. Therefore, regularly assessing and updating your estate plans to ensure they remain consistent with your objectives is essential.
Is It Possible to Plan Too Far in Advance?
Striking a balance is important when estate planning. Documents like wills and trusts should maintain clarity and conciseness to prevent potential confusion. Moreover, planning intricate details too far ahead could lead to more frequent revisions and unnecessary expenses. Estate planning attorneys provide guidance and recommendations to help you avoid overplanning or planning too far in advance. They can assist in finding the right balance between preparing for the future and addressing your immediate needs and goals.
We Can Guide You on Your Estate Planning Journey
There isn’t a strict timetable for crafting your estate plan. However, we advise regularly revisiting your estate plan with an expert. Estate plans are adaptable. Your plan should perpetually mirror your values, safeguard your loved ones, and uphold your legacy. For expert assistance in tailoring a plan that fits your specific circumstances and aspirations, contact our accomplished team of estate planning attorneys today.