Estate Planning is the process of arranging for the management of your money and property during your lifetime and for its disposal after death. The benefits of having an Estate Plan include minimizing taxes and ensuring that your desires are known after you are laid to rest. More than these, having an Estate Plan brings peace of mind at a time when you and your loved ones may not otherwise be able to express your wishes.
At the very minimum, a solid Estate Plan includes a Will, Trusts, Power of Attorney, Health Care Directives, and Beneficiary Designations. The Will essentially provides the instructions for who, what and how your affairs will be handled. The other components of your Estate Plan identify the administrators, decision makers and beneficiaries. Working with an experienced Estate Planning attorney will ensure that your plan is legally binding and protected from excess taxation.
There is no “right” age to start planning for your future and that of those who are dear to you. TODAY is not too early to begin. Right where you are, start planning the details of your future with the assistance of an experienced Estate Planning attorney.
Estate Plans are evolving documents, so you can always (and are encouraged to) revisit and update your Estate Plan as often as necessary. Regardless of your age, having a well drafted plan of action in-place for those you love most is far better than not having a plan at all.