Many feel anxious when talking about end-of-life issues, so they may put off estate planning. However, it’s wise to be prepared and draft the important documents early to be prepared for any unforeseen incidents. Here are some items to include in your estate plan at different stages of your life. 

What Should You Focus on in Your 20s & 30s

In your 20s, ask an estate planning lawyer to guide you to get a health care directive and power of attorney. With a health care directive, you can specify what actions will be taken if you cannot make medical decisions for yourself. Through a power of attorney, you can name the person who will make financial and health care decisions for you.

Most people in their 30s already have a family and a house, and they’re concerned about protecting their loved ones and their properties. At this stage, the most useful legal instruments for you are a will and life insurance. Through these documents, you can specify who will take care of your children when you're gone, how you wish to distribute your estate, and who will manage your beneficiaries' assets. 

How Your Estate Plans Change in Your 40s & 50s

When you reach your 40s, you will benefit from adding long-term care insurance to your estate plans. You can enroll in a policy at a lower rate than what you would pay in your 60s. You can also start planning for your retirement by considering a supplemental individual retirement account (IRA) and assessing your 401(k) plans. 

Why Update Your Estate Plans in Your 60s

By this age, a lot may have happened that changed your financial situation or the dynamics within your family. You may have lost a loved one that you included in your will or you lost or gained new assets like a business or a second property.

Many people in this age group may have new grandchildren that they would like to include in their estate plan. As such, consult your lawyer, reliable financial planners, and other professionals who can review your documents with you. Your estate planning documents must be valid and clear, so you can be sure that these are legally enforceable.

The Law Offices of Robert B. Liotta, Esq. in Lower Burrell, PA, will provide you with expert legal counsel when you need to create or update your estate planning documents. For the past 20 years, Robert Liotta has been representing his clients in Westmoreland, Allegheny, and Armstrong counties with compassion and skill. Call (724) 334-9870 to discuss your legal concerns or visit his website to browse his services.