Though estate planning is something that many assume older adults need to consider. However, it is never too early to start making a plan – in fact, the earlier you start, the better! This is an essential measure to ensure that you can support your family should something happen to you. If you’re unsure when to start planning your estate, you’ll want to keep reading. You’ll learn when to start taking action and discover how a Washtenaw County estate planning attorney can help you navigate the process.
Why Should You Start Planning Your Estate?
Planning your estate is a vital process that helps ensure the most essential assets are taken care of upon your passing. Planning early in life helps provide the necessary peace of mind to reduce worries and anxiety about the future.
There are many instances that can alter your wishes, including marriage, having children, buying property, or getting a new job. Setting up a will ensures that your assets, like funds, properties, and stocks, are taken care of and distributed according to your wishes. You can also name who you would like to take legal guardianship of your minor children should you pass away, helping to ensure they are cared for.
Should I Set Up a Will or a Trust?
Both a will and trust are valuable estate planning tools. However, a will is often considered the most crucial estate planning document, as a trust can be hard to enforce without a will.
In your document, you should include the following information:
- Who you want to appoint as your executor
- The assets you wish to distribute
- The beneficiaries and what assets they will receive
- Who you want to assume guardianship of your children
As you get older, you’ll likely accumulate more assets which could warrant creating a trust. This grants you more control over the distribution of your assets while helping your beneficiaries avoid probate court.
Do I Need a Lawyer?
If you’re ready to start planning your estate, ensuring you have a competent attorney is crucial. The last thing you want is to go through the trouble of creating a will only to find out it isn’t valid. This can be a significant burden for your family members, as an invalid will leave your estate in intestacy. Instead, a competent lawyer can guide you through the process, ensuring everything is completed in compliance with the law.
At Collis, Griffor & Hendra, we have the necessary experience to help you create an estate plan at any stage in your life. Our firm understands that estate planning can be an overwhelming process, which is why we’re dedicated to making it as simple as possible. Reach out today to discuss the details of your case with one of our competent attorneys.