Many people have the misconception that estate planning is for wealthy and older people. But this is untrue because every adult should consider making an estate plan despite his/her financial conditions. People try to avoid the estate plan as they dont want to plan for their death beforehand. They think that it is irrelevant. But, ignoring estate planning cant bring good to anybody instead it might lead to problems. So it’s better to consider an estate plan as you turn 18. Estate planning at this age can be difficult so he/she should take suggestions from an estate planning attorney near me 11762.
Young people think that they don’t have enough assets to consider an estate plan. But, once they start estate planning, he/she realizes that it is important. However, the estate plan of young people is not so complicated as it involves a lesser number of assets. But, once you cross the age of 30, it starts getting complicated and confusing due to the increase in the number of assets. Estate plans after the retirement of a person takes the most extended amount of time. In such cases, the retired person takes the help of an estate planning attorney near me 11762 to reduce the delays.
Let’s consider estate planning as per different age:-
Estate Planning in the 20’s With the Help of an Estate Planning Attorney Near Me 11762
After a person turns 18, his/her parents dont have the right to make decisions for him/her. So, from this age, the person has to start making decisions for himself. Which is why it is important to frame an estate plan to fix healthcare directives and power of attorney in case he/she becomes incapacitated. Healthcare directives convey instructions on how a person will get treated in the event of him/her being ill. Power of attorney grants authority to a person for making decisions on behalf of another person. While framing this plan, the young adult can ask guidance from an estate planning attorney near me 11762.
Estate Planning in the 30’s With The Help of an Estate Planning Attorney Near Me 11762
In the decade of 30’s, most people own a house and have some assets. So to ensure that these assets will get transferred to his/her loved ones upon his/her death, he/she must consider making an estate plan. He/she must frame a will and specify on who will get what from the assets upon his/her death. If the estate planner wants his/her assets to be out of probate then he/she can hold the assets in a trust. A trust is also preferred by an estate planning attorney near me 11762 over will. Because probate is compulsory in case of a will, thus the process can get expensive.
Estate Planning in the 40’s
At this age, every person might have their estate plans ready. So they only need to update their estate plans at this age. The updates get done when there is a change in the family structure or any new assets gets included in the estate. At this age, a person should also talk with his/her parents about their estate plans because he/she must have some idea regarding his/her parent’s financial and healthcare decisions at this age.
Estate Planning in the 50’s and 60’s
If at this age, people are without their estate plan, then it is not a good sign. Now, they must get proactive and frame an estate plan as soon as possible. Ignoring the estate plan at this age can only result in an unsecured future of the loved ones. So, if a person wants his/her loved ones to spend a happy life even after his/her death then he/she must frame an estate plan immediately. He/she might take the help of an estate planning attorney near me 11762.
Estate Planning in the 70’s and Beyond With the Help of an Estate Planning Attorney Near Me 11762
At this age, a person should be ready with his/her estate plan, and that is mandatory. He/she must hire an estate planning attorney near me 11762 to review the estate plan. The lawyer with his/her skills tries to make the plan as simple as possible so that there will be no confusion.
Estate planning is important in every age and should get framed without any delays. Estate planning can get easy with the guidance of an estate planning attorney near me 11762.