What Age Should I Draft an Estate Plan?

In order to ensure your assets are handled as you wish when you pass, it is important to have a comprehensive estate plan. Estate plans can even benefit individuals when they are still alive. Your age is practically irrelevant when you establish an estate plan. An estate plan can benefit individuals of all ages. You can benefit from an estate plan if you are entering the workforce or beginning your retirement. No matter the stage you are in, it is important to have your bases covered. To learn more about estate planning for your age, continue reading and contact our experienced estate planning attorney. Our firm is prepared to assist you in creating an estate plan that will handle your assets as you wish when you pass away.

Why draft an estate plan today?

There are many reasons to draft an estate plan. Estate planning will offer the following benefits:

  • Eliminates the need for a probate
  • Reduces your estate taxes
  • Allows you to establish powers of attorney, guardians, and trusts
  • Protects your beneficiaries by maximizing the payout they will receive

Powers of attorney are designed to protect your rights by appointing a trusted individual to act on your behalf, should become incapacitated. This can benefit individuals of all ages to ensure their interest remains protected in a worst-case scenario such as this. If you are a parent of minor children, you may want to draft an estate plan to appoint guardians to care for your children if you were to pass. Appointing a person who you trust and know to care for your child if you are no longer able to do so is a powerful tool that many parents can benefit from.

Do I need an estate planning attorney?

It is the smart and responsible decision to make to hire an estate planning attorney to help draft your estate plan. Drafting your will alone could open you up to legal troubles down the road. This can be easily avoided with the skills and knowledge of an estate planning attorney. Every aspect of an estate plan requires extensive legal knowledge. It is important that your wishes are respected when you pass and hiring an attorney to ensure this is portrayed in your estate plan is crucial. Give our firm a call today to learn more about how we can assist you.

Contact our experienced Montgomery County, Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.