Estate planning refers to strategies to plan your future, legacy, and transfer of your assets to your predecessors. If in future you pass away or get incapacitated, then the estate plan will help both you and your loved ones. Often people believe that estate planning is a thing of old age or later stages of life. However, that is not at all the case. In fact, people in every life stage, whether a student, young employee, middle-aged, or old, everyone has something to benefit from estate planning. Let us look at estate planning in different life stages from an estate planning attorney near me 11566.
When at Initial Stages of Your Career as Estate Planning Attorney Near Me 11566
Estate planning can be useful when you are just beginning your career. Maybe you have just been employed or have been working for only a few years. Even if you do not have kids and haven’t been married, you can still take some critical decisions in your estate planning strategy. As you have a job in hand with benefits and savings plans, you can start thinking about your beneficiaries. If you haven’t started your own family, then you can name your parents as beneficiaries.
Furthermore, some people take up the financial responsibilities of their household. Their family depends upon them to provide for their financial needs. In such cases, you may want to have life insurance as well. Sometimes jobs also have the provision of life insurances. When you are choosing the beneficiary designation, you have to think about who is going to pay all the bills, funeral expenses, debts, and other expenses after you pass away. Also, once you are an adult, your medical records are not accessible to anyone, even your parents. You have to get a healthcare POA(power of attorney) and provide the name of your parents and designatory. It will help them make critical treatment and healthcare decisions.
Marriage or Buying Property with Someone
Once you have married someone, then you have to take up their financial responsibility as well. Soon after your marriage, you will have to make critical changes in your estate planning strategy. For instance, you may want to buy a specific property together with your spouse. You can have your parents as beneficiaries until your marriage. But after marriage, you may want to change the beneficiary designation to your spouse. Also, do not forget to revise it in future if you get a divorce. You may also have to change the designations in your life insurance and healthcare plan.
Suppose you want to buy a particular property with your spouse jointly then you may want to form a will. The estate planning attorney near me 11565 says that the will allows your property to be passed on to your spouse after your passing. If you do not form a will, then the property is transferable according to the state law, unlike life insurances and healthcare plans where these are transferrable to beneficiary designations mentioned. Estate planning, in this case, will give you better control over who you want to inherit your properties.
Having Kids as Per Estate Planning Attorney Near Me 11566
As soon as you have kids, you end up with a huge responsibility. Of course, it is your job to provide for them until they can do so for themselves. So it would help if you buffed up your life insurance plans and other financial plans. Please take into consideration the amount of money it will require to take care of them. Change the beneficiary designation to your kids in the insurance.
Moreover, you will have to update your will and include your kids into it. One other key thing is to name a guardian for your children. You can mention a guardian in the will who will take care of your kids after your untimely demise. You can also include certain instructions for the guardian as well as establish a trust for your kids.
Retirement also requires several changes in estate planning. It is time for your plan, your legacy and whom you want to transfer your estates to. There is also the naming of financial and medical decision-maker if you are incapacitated. An estate planning attorney near me 11566 says to revise your healthcare plans, will, life insurances, and beneficiaries. Make sure all the beneficiary designations are as you intended.
According to an estate planning attorney near me, 11566 estate planning is crucial at different stages in life. You have to keep revising the plan and make changes at every stage to ensure your estate planning is up to date.