Do you think you are too young to come up with an estate plan? Think again, because having the proper tools in place can help ensure that you are set up for the future. Here are some questions you'll likely have about setting up your estate plan.
Who Needs to Be Involved in Estate Planning?
If you are single, estate planning can be done on your own with an estate planning attorney. They can help you make the decisions about what will happen with your assets if you pass away, and help point out what assets may need special attention to make the transfer of assets smooth. If you're married, it will be a joint decision to have with your spouse, since you likely have a lot of joint assets that you own together.
What Mistakes Do People Make When Creating an Estate Plan?
Many people think that they can make a proper estate plan by going online and using some basic forms to create an estate plan. Unfortunately, everyone's needs for an estate plan are different, and you may have different needs that are not covered by a standard form. It is also important to understand that people's need for estate planning will change drastically over time. The plan you create when you are single will not be sufficient for when you get married, and the plan you make when you are married will not work for when you have kids. It is important to work with a lawyer that can help anticipate those needs and make the proper changes in the estate plan.
How Do You Update Your Estate Plan?
If you work with a lawyer to create your estate plan, they can help guide you in the process of creating the estate plan that works for you. However, they are not going to nudge you to make the necessary updates. They do not know what is happening in your life and when things change that requires an updated estate plan. It is on you to reach out to your lawyer when you have changes that would require altering your estate plan.
Is It Possible to Be Too Young to Create an Estate Plan?
It's never too early to create an estate plan. Even if you do not have any assets, anyone that is 18 is legally an adult and needs to start making decisions about these things. You may not have many assets, but you still need to make decisions about who would have an attorney to make decisions about your medical care. You can start there, and then make changes to your estate plan as time goes on.Share
11 June 2020