Establishing an estate plan is not necessarily just for the elderly. There are various stages in life when an individual or couple needs to plan for their wishes to be carried out in the event of their death. Some key factors will tell you it is time to visit a will and estate lawyer.
Some financial advisors recommend an estate plan as soon as a person reaches adulthood.
That means at age 18 you will be able to establish parameters of how you want any assets distributed.
There are some indicators that you should be aware of to trigger this decision.
Savings
As soon as you open and contribute to a savings account, you should be able to decide who gets what.
Real Estate
If you have purchased a home, including a townhouse or condominium, you have a major asset and can benefit from a will to ensure appropriate asset distribution.
Marriage and Divorce
Combining assets is very common in a marriage. That includes real estate, vehicles, and bank accounts. It also involves retirement benefits like 401k. Likewise, when a split happens, you may need to reassess your plan.
Travel
If you travel overseas, you need to be protected in case of some unfortunate event.
Children
One of the primary reasons people establish estate plans is to assure children’s financial security and guardianship.
Inheritance
An inheritance may be unexpected, and suddenly you own significant assets, and this will warrant an estate plan.
Grandchildren
With each successive generation, you should review your estate plan to ensure it is currently what you want and provides equitably for all concerned.
Guardianship
Becoming a parent means you are responsible for someone else. It might be worthwhile to consider who will have the obligation for the physical and financial issues with respect to your children should something happen to you.
Wills
An accident can happen in the blink of an eye, and you need to be prepared to handle this with a will or other directives to help your family members deal with financial issues. The idea is to create a transition as seamless and straightforward as possible.
Trust
A trust document is a vehicle to help avoid costly probate proceedings. It can help with taxation that may be involved in distributing your assets. Ask your lawyer about the advisability of this plan.
If you are considering estate planning, talk to one of our wills and estate lawyers at Francis Lawyers. We can help you with everything from drafting your will and powers of attorney to making sure they’re in line with your wishes and meeting your estate planning needs.