There are a lot of common misconceptions surrounding the estate planning process. One of the biggest misconceptions is that you should wait until you’re older to begin estate planning. Read on to learn more about when you should really begin planning for your future.
At what age should I begin the estate planning process?
Some aspects of estate planning deal with an individual’s end-of-life wishes. As a result, many people assume they don’t need to make any plans until they are older. Other people believe they do not need to make plans until they are married and/or have children. This is not the case. In fact, you can begin estate planning once you turn 18 years old and own any property or assets. It is never too early to ensure a secure future for yourself and your loved ones. In fact, it is a good idea to have documents created as soon as possible, which can then be altered over the years. For example, if you have a child, you won’t want to scramble to create plans to secure your child’s future. Instead, you will have everything in place and can simply update your existing plans.
What does the process entail?
Once you turn 18, you can create a will. This is one of the most important legal documents you can create, as it establishes how your assets should be divided amongst your loved ones in the event of your passing. You may also want to create a trust. This is another way to set aside funds for your loved ones. For example, if you have a pet, you can create a pet trust, which can establish who should take care of the pet, leave aside funds for vet bills and food, and more. Another document that can benefit you at any point in your life is an advance healthcare directive. Unfortunately, people can sustain life-altering injuries and illnesses at any age. This document will declare your medical wishes in the event of incapacitation.
What to know about digital assets:
Many young people have some of their most important assets in digital form. This may include online bank accounts, pictures, social media accounts, and more. It is important to plan for your digital assets with the help of an experienced estate planning attorney.
The truth is, the future is uncertain and it is important to be prepared for anything and everything. Our firm is here to help you feel secure throughout your life. Reach out today to begin the process.
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If you need a seasoned firm to help you with any divorce, family, or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.