Estate planning isn’t just for older individuals with a wide array of assets. In fact, working with an experienced estate attorney earlier in life will have much greater benefits as you grow older. The longer you delay creating your estate plan, the more elaborate the process will be for you and your loved ones. Here’s a general guide on how you should approach estate planning at different phases in your life.
Estate Planning Through Your Life
Estate Planning in Your 20s & 30s
Starting in your 20s, your family and career are likely high on your list of priorities. At this stage in your life, sickness and accidents are the furthest things from your mind. However, it’s important to start thinking about how you’ll provide for your family’s welfare when you’re no longer able to — especially if you have children.
At this point in life, focus on creating a trust and will for your dependents. Choose a qualified estate attorney who will work with you to draft your will and other legal documents. Decide who will have the power of attorney to assume financial responsibilities on your behalf, and name a legal guardian for your children.
Updating Your Plan in Your 40s and 50s
By the time you near middle age, retirement and mortality will start to linger on your mind. Your children are also older, so your financial burden may be lighter now. Since you likely possess more assets than before, create a trust that will benefit your children for an extended period of time. You can also name your adult children as fiduciaries when you update your estate plan. If your parents are still around, take care of them by obtaining long-term care insurance or getting them an estate attorney if they still don’t have one.
Planning for the Future in Your 60s and Beyond?
When you reach your golden years, turn your attention to avoiding financial risk and saving your assets. Update your estate plan to accommodate retirement financial changes. Think about including your elderly parents in your trust to ensure they will be taken care of if you become incapacitated, or if you pass on before they do. As you amend your plan, outline your wishes regarding your choice of nursing home or in-home health care. If you have a relatively large estate, you can gift assets to family members to save on taxes.
When you need a reliable estate attorney, trust Stephen B. Kaufman, P.C. and his team to help you navigate through complex estate laws. This esteemed law firm can also provide dedicated legal representation for personal injury, automobile accidents, premises liability, and other areas. Call his office today at (718) 822-0500 to schedule a consultation or visit his website for more information.