Estate planning is an essential task that everybody should complete at some point in their lives, but it’s often put off until later in life. However, young adults may wonder if they should consider estate planning at an earlier age. At what point should someone start planning their estate? La Grasso, Abdo & Silveri, PLLC has some insights that might help.
The Importance of Estate Planning
Estate planning is preparing legal documents that specify how your assets will be distributed after death. Without proper estate planning, the state will step in to divide your assets based on their laws, which may not align with your wishes. Estate planning also involves appointing a power of attorney and a healthcare proxy to make important financial and medical decisions if you become incapacitated or unable to make decisions yourself.
The Ideal Age for Estate Planning
The answer to this question varies depending on an individual’s circumstances, goals, and values. However, experts usually recommend that people start estate planning as soon as they have accumulated assets they wish to protect, usually in their late 20s or early 30s. This age is ideal because it allows them to address unforeseen circumstances, such as unexpected illness or disability.
Benefits of Early Estate Planning
The primary benefit of early estate planning is that it gives people peace of mind, knowing that their assets will be distributed according to their wishes. It also protects their loved ones during an unexpected event, such as premature death or a life-changing injury. Early estate planning also provides a clear plan for the future, allowing people to focus on their personal and professional pursuits.
Common Misconceptions About Estate Planning
One common misconception is that estate planning is only for the wealthy. In reality, anyonewith assets, regardless of their value, could benefit from estate planning. Anothermisconception is that estate planning is a one-time event. However, it’s a continual process thatshould be revisited as circumstances, goals, and wishes change over time. Additionally, manypeople believe that estate planning is a task they can postpone until later in life. However, it’simportant to start early as circumstances can change unexpectedly.
Choosing an Estate Planning Attorney
When choosing an estate planning attorney, finding someone who uses a tailored approach to meet your specific goals and needs is essential. Consider the attorney’s experience, education, and licensing. Request references and read online reviews. Look for an attorney willing to take the time to explain the details and nuances of estate planning and answer any questions you may have.
Estate planning is crucial for anyone with assets or obligations they wish to protect, regardlessof age. Starting early allows individuals to address unforeseen circumstances and moveforward with the peace of mind of knowing they have a plan in place. La Grasso, Abdo & Silveri,PLLC provides expert advice, guidance, and direction on optimizing your estate plan. Bypartnering with an estate planning attorney with your best interest in mind, you can rest assuredthat you are better prepared for whatever life throws your way. Don’t wait too long – the earlieryou start, the more you can prepare for your loved ones, future, and values.