Many people think estate planning means having a will. Others feel as though estate planning is only needed when you’re reaching retirement age. These are just some of the misconceptions about the topic of estate planning. Sadly, it’s misconceptions like these that leave many loved ones unprepared to manage your assets after you’re gone.
Regardless of what life stage you are in, you can do some essential things to protect your family and make sure your assets end up where you choose.
As you start to acquire assets, make sure they are covered in your estate plan.
During or Right After College
Even if you’re still in college, having your Power of Attorney in order should be a top priority right now. These documents establish who has the right to make decisions on your behalf. If you require medical assistance, your POA will give your parents or loved ones the ability to make decisions on your behalf.
Getting Married or Committing to a Serious Relationship
Once you get married or decide to buy property together, you’ll want to start thinking about protecting your investment. When someone starts depending on your finances, it’s a good idea to start estate planning.
Having Children
Most of us start thinking about estate planning when we’re expecting our first child. Most of the time, this stage looks like increasing your insurance policy. You’ll also want to look into deciding who will be your children’s guardian. This person plays a critical role in your estate planning.
Empty Nesters and Legacy Builders
Estate planning in your 50s, 60s, and 70s+ doesn’t mean protecting your family in the event that you die early. Your estate planning can also help the next generation or build your legacy. This is also the time to consider long term care, medical power of attorney, an updated will, and reassessing your assets, like life insurance.
For help with estate planning, give us a call. Let us make planning for your future a comfortable and carefree process.
