A common misconception about estate planning is that it is only beneficial for older adults. However, that is not the case. Regardless of age, it is imperative to create and establish an estate plan to protect your hard-earned assets in the future. If you are considering creating an estate plan, please read on and contact a trusted Montgomery County Estate Planning Attorney who can help you get the ball rolling on protecting your assets for the future.
When do I need to start estate planning?
Typically, it is advised that anyone over the age of 18 (legal adults) should create an estate plan. Additionally, once created individuals should make updates to their estate plan at least every three years to reflect their current situation. It is especially important for individuals with children to have an estate plan as they can dictate how they wish their assets to be divided and distributed after they’ve died.
Why is it important?
Estate planning is extremely important. Firstly, they are significant because they ensure that an individual’s wishes are carried out as they desired after they’ve died. An estate plan allows individuals to specify their wishes as well as appoint loved ones they trust to be their executors. An executor carries out the desires of the decedent as dictated in their will. When a person is estate planning, they can also set up a trust where they place their assets on behalf of a beneficiary. An estate plan can alleviate an individual’s fears and give them a sense of relief as they can plan for the future as they wish.
Additionally, an estate plan is extremely important for individuals who have children. This is because they can assign guardianship to those they trust to take care of their children in the event they die. Individuals who do not appoint guardianship for minors under 18 could cause their children to be placed in foster care if the other parent has also died. An estate plan can ensure children are taken care of by individuals the decedent knew and trusted. Unfortunately, unexpected obstacles happen such as incapacitation. In an estate plan individuals can appoint a healthcare power of attorney. Individuals can dictate how they wish their end of life health care is to be carried out. This gives individuals the power to make decisions when they are no longer capable of doing so due to certain injuries or medical conditions. Ultimately, it is in every person’s best interest to have an estate plan as it can help carry out a person’s desired wishes after they have died.
If you are interested in creating an estate plan, please don’t hesitate to contact one of our adept team members. Estate planning is beneficial regardless of your age. Allow our firm to help you protect your assets.