What is the Perfect Age to Make an Estate Plan? Find Out Now!
3 min readAge is just a number when it comes to estate planning. You can start planning for the future when you are young and healthy. Now, you have enough time to consider what would benefit you as a millennial. As soon as you reach 18, you must have the primary estate planning document, regardless of how much money you have, even if you are single, married, or have kids. So, if you have started accumulating assets, be they jewellery, a savings account, or a car, here are a few considerations for estate planning.Â
You have assets:
Proper estate planning is required if it is the start of your career or even a small business where you have just started acquiring assets. Otherwise, these assets can get tied up in probate court for years, where your loved one would not have access to the resource at the time of need.
You have dependents:
Planning is very much essential if you have dependence, be it in the form of children, aging parents, or anybody else. To take care of them during an emergency or if something happens to you, estate planning is a must; where you have to set up a trust, name the guardians for your children, or give power to an attorney who can make decisions on your behalf.
Control who inherits your asset:
When you die without an estate plan, the court decides who inherits your assets. This can also lead to many problems as it is based on the state’s intestate succession law, where your spouse and children are given priority. The assets go to your parents and siblings if you have no children. They go to any distant relative if you have no living parent or sibling. With expert estate planning advice, you get to control who inherits the assets.
Do not get tied up in probate:
Probate is the legal process of allocating your assets after you have passed away. It can be long-winded and costly if you have not sorted it out at the right time. Most people try to avoid it, but with a clear estate plan, you can ensure that the asset will be distributed wisely and wisely based on your wishes. This also avoids people being caught in probates after your deceased.
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Minimise taxes
If you do not plan, estate taxes can consume many assets. So, contact an experienced planning attorney who can help you minimise the tax liability and ensure that you can leave more assets for your loved one.
Enjoy your peace of mind
It is more important to be at peace than to think about how to protect your assets. When you create an estate plan, you can avoid the hassles of legal processes for you and your loved ones. You will feel more secure about your future, which will help you focus on your present and also give you peace of mind.
Summing it up
State planning is meant for everybody, and you can start today with the help of a state planning attorney who can provide you with comprehensive estate plans to meet your unique needs.
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