Many people hear the term estate planning and automatically associate it with the elderly or the wealthy. But, in reality, every adult—regardless of age, income, or number of assets owned—should have an estate plan in place. Below, learn some planning tips for every stage in life, and start taking proactive steps in designing the legacy you ultimately leave.

Young Adults

After a person turns 18, their parents can no longer make legal, health care, and financial decisions on their behalf. So, while you may not have amassed a huge estate and a large nest egg during the young adult years, it is imperative to protect yourself in the event of a medical crisis.

An advanced health care directive details what you want to happen if you are no longer able to speak or make decisions about your medical care. For instance, you can state whether you want a feeding tube, respirator, or other life-prolonging measures in the event of an accident. You should also design a power of attorney to grant someone trustworthy the ability to manage your finances.

Middle-Aged Adults

A person in their 30s and 40s should design a will as part of their estate planning. By this time, many have been working for a number of years, own a home and a car, and have started a family. A will lets you determine who inherits your assets. Without a will, these decisions will fall to the probate courts, and they may divide your assets in ways you wouldn't have wanted.

A will also allows you to appoint guardians for minor children and even for pets. Additionally, you might want to consider setting up a trust, which holds certain assets and transfers them to your beneficiaries without the need for probate.

Seniors

Once you pass 50, if you haven't done so already, make writing a will a priority. You'll also want to think about an advanced health care directive if one is not currently in place, especially if you're dealing with concerning health issues.

Another common estate planning measure during this time involves making arrangements for retirement and long-term care. Make sure all retirement accounts have beneficiaries, and explore long-term care insurance to help cover the costs of assisted living or nursing facilities.

When you need help with estate planning, no matter where you are in life, the law firm of Greene Law PC is here. With more than 25 years of experience, they proudly serve the Farmington, CT, area. They offer representation in estate planning, bankruptcies, personal injuries, and other legal issues. Call (860) 676-1336 or visit them online to schedule a consultation or to learn more about their areas of practice.