There’s a common misconception that only senior citizens need to worry about estate planning, but ensuring that your loved ones are cared for is a lifelong project. As you go through life, start a family, and build wealth, your needs will gradually change, so your estate plan should be revisited periodically to ensure it covers every aspect of your life. The timeline below will help you decide what documents to prepare at every step.
When Your Estate Plan Should Be Adjusted
While many people in the 18-30 age range don’t have significant assets or a family yet, you are still vulnerable to illnesses and sudden accidents, which could leave you unable to participate in your own medical care. A durable power of attorney allows a family member you trust to make important decisions on your behalf, ensuring you get the treatment you would have wanted.
30-40 Years Old
After buying a house, getting married, or having children, you will want an estate plan that protects your loved ones. Writing a will gives you control over the division of your assets if something happens to you, and you might want to update the individuals named in your power of attorney document.
Although you probably no longer have children to care for, you may want to update your will to include any grandchildren or other new family members. The individuals you previously selected as health care proxies may no longer be able to help, so this is a good time to update those documents and write a will that includes any new assets. After the age of 70, it’s a good idea to review your estate plan every two years or so to accommodate any recent changes in circumstances.
As a law firm exclusively dedicated to elder law, the Estate & Elder Law Planning Center in Mountain Home, AR, is committed to helping people at every stage in life protect their interests and those of their loved ones. No matter your age or financial situation, you can always rely on their team for individualized attention and solutions designed to protect the things that matter most. Visit their website for more on their estate planning services, follow their Twitter for more legal tips, or call (870) 425-2460 to make an appointment today.