When Should I Start Estate Planning?
Often, when people turn 18, they’re considered “legal adults” and will be responsible for their financials going forward. Depending on your situation, you may want to begin estate planning sooner than others. On the other hand, many may ask “when should I start estate planning?” Most often, young people (that is, those without families or who are under age 30) put off or rarely even think about their estate plan. Why? There are many reasons. Life is beginning, and there is a big bright, beautiful tomorrow waiting. In this article we break down reasons for why and when an estate plan should be created.
Basic Reasons to Start an Estate Plan
As life goes along you will have significant changes take place. Good events (marriage, new children, college graduation, and retirement) and bad (death, divorce, inheritance, etc.) all affect your estate plan. After any of these events, you should reevaluate your estate plan (or ask an estate planner to help). Therefore, we recommend getting started on estate planning as soon as possible. Above all, your estate plan is an essential element to your family stability and achieving your long-term financial and personal goals.
Opened a Savings Account
Even when a person is young, they do have assets. Have you not opened a savings account? Do you own the shirt on your back? If the answer is, “yes,” it is a good time to get started with an estate plan. In the event you pass away, you need to designate where your assets will go, and your estate plan makes this a reality. However, if you don’t select a person yourself, the government will determine where your assets go.
Bought a Home
Another moment when estate planning is vital is when people purchase homes or other property. Imagine the scenario where you move into your house, and someone doesn’t get to enjoy it due to a death or disability. Similar to above, you need to make sure your home and property are directed to your chosen beneficiaries, or that you have contingency plan(s) in place for if someone is disabled and their income drops.
Having a Child
If children are in your future (or right around the corner) you should immediately start or update your estate plan. Things like guardianship and finances related to your child are a must to figure out. An estate plan will make sure your child is taken care of.
Estate Planning in Rockford, Illinois
Prime Law Group have experienced estate planning lawyers that are here to help. Our lawyers have proficient knowledge when it comes to crafting comprehensive estate plans that work for our clients. Whether writing a will, crafting special needs trusts, or tax-sheltering trusts, Prime Law Group fully understands all that makes up an estate plan.
