Most estate planning attorneys believe that the best age to think about estate planning is as soon as possible. There is no specific age when it makes sense to plan for your assets on the event of your demise. By putting a plan in place, you can ensure that your needs are met. You can always update the estate plan as circumstances change through the years.
The accomplished attorneys at SBEMP (Slovak, Baron, Empey, Murphy & Pinkney) law firm provides professional legal advice and services to clients in Palm Springs, Palm Desert, Rancho Mirage, Inland Empire, Orange County, Coachella Valley, Costa Mesa, San Diego, New Jersey, New York, and surrounding communities.
Get an Early Start
Estate planning is always a good thing to do whenever you start thinking about it. Whether you are a breadwinner for an high-asset family with grandchildren or a recent college graduate in your first job, there are several good reasons to get started on estate planning right away. This will make sure that your family and other dependents’ financial health remains sound.
The only exception to this thumb rule is young and single people that don’t have a lot of money to leave to anyone. Pertaining to this, an estate plan can be useful to your parents for paying funeral and burial expenses. This will also ensure that they can easily access the assets if something happens to you.
These assets may include:
- Your home or apartment
- Your bank account
- Other financial accounts
- Your personal belongings
- Available life insurance policies
Nominating a Guardian
It’s smart to think about appointing a guardian as you prepare to have your first child. Most new parents don’t want to dwell on this thought. But, it’s vital that you think about your child in the event of your death. You may want to consider appointing a guardian while estate planning. You can name a guardian in your Will to ensure that a trusted loved one is there to take care of your child. Make sure to update this every time you have a child.
Preparing a Will
The best time to prepare a Will is when you attain a legal age or an estate planning trigger. By passing away without leaving behind a valid Will, you can create confusion among your loved ones as to who would make the decisions. A Will can allow you to designate a power of attorney, appoint a healthcare proxy, and specify how your money and assets will be distributed.
Update Your Estate Plan
Estate planning triggers are basically those milestones which increase your wealth. These impact the way your assets get distributed in the event of your death. You should make additions and update the estate plan each time you approach any of these life events.
This includes getting married, buying a house, and making sizeable investments among other milestones. You need to ensure that these additions get accounted for by updating the estate plan. Life can change frequently and your planning should reflect that. It is recommended to revisit your estate plan every 3 to 5 years.
The proven and cordial lawyers at the SBEMP law firm serve clients from Palm Springs, Palm Desert, Rancho Mirage, Inland Empire, Orange County, Coachella Valley, Costa Mesa, San Diego, New Jersey, New York, and nearby locations for a range of legal practice areas.
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SBEMP LLP is a full service law firm with attorney offices in Palm Springs (Palm Desert, Inland Empire, Rancho Mirage, Indian Wells), CA; Indian Wells, CA; Costa Mesa (Orange County), CA; San Diego, CA; New Jersey, NJ; and New York, NY.
DISCLAIMER: This blog post does not constitute legal advice, and no attorney-client relationship is formed by reading it. This blog post may be considered ATTORNEY ADVERTISING in some states. Prior results do not guarantee a similar outcome. Additional facts or future developments may affect subjects contained within this blog post. Before acting or relying upon any information within this newsletter, seek the advice of an attorney.