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There is a common misconception that wills, trusts, and similar documents are only for older adults. However, any adult, regardless of age or the extent of their assets, can benefit from estate planning. To shed more light on this topic, below are three life stages and the advantages of estate planning—and working with an estate planning attorney—at each one.

The Importance of Estate Planning in Different Life Stages 

1. The Younger Generation

estate planning attorneyWhile younger people generally have fewer assets than those further along in life, what they do have should be protected with estate planning. At this age, a will is a good place to start to put those protections in place. In a will, you decide how assets are to be divided after death. Without a will, your assets are distributed according to the state's intestacy laws—and that might be much different than what you would have intended. Young parents should also consider establishing a will, as this document allows you to name a guardian to raise your child in case of death. 

2. Middle-Aged Adults

If you’re a middle-aged adult, you likely own property that can benefit from estate planning. A revocable living trust, for example, allows you to transfer ownership of the property into the trust. Upon death, ownership passes to the designated beneficiary without the interference of the lengthy and costly probate process. If you’re experiencing serious health issues, establishing a living will is wise. This document allows you to determine what type of end-of-life or life-prolonging medical treatment you want to receive should you become too ill to make decisions for yourself.

3. Seniors

If you’re a senior, you should review all your estate plans and update them accordingly. If certain beneficiaries have passed away or assets have changed, working with an estate planning attorney to amend these details is a relatively easy process. Also, this is the time where you should include your retirement account in your estate plans. 401(k), pensions, and individual retirement accounts (IRAs) all have different rules and regulations when it comes to paying out to beneficiaries and taxation. Review these matters with an estate planning attorney to ensure you’re leaving these accounts to the appropriate individual and reducing that individual's tax liability.

 

 

Estate planning at any age will give you peace of mind and ensure your assets are secure. The estate planning attorneys at Greene Law, PC have more than 25 years of experience representing Hartford County, CT, in a variety of legal issues, including estate plans, Chapter 7 and 13 bankruptcies, and family law cases. Call (860) 676-1336 or visit their website to set up a free consultation.

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