Throughout the stages of your life, there are many challenges to be met and addressed. Graduations, promotions, starting a family, buying a house, retirement, and more may all be carefully planned out, but many people don’t start to think about estate planning for many years. Estate planning isn’t only for the elderly, contrary to many popular ideas. So when should you start your estate planning?
The answer is simple. Now. Start it now. It is uncomfortable to contemplate the end of your own life and what will happen once you are gone, but an estate plan can provide you with control of what happens to your assets once you are gone. Estate plans can also be used to continue to provide for your loved ones. These plans don’t only deal with what happens to your belongings. Estate plans can also outline your wishes and grant power to a trusted individual in the event that you are incapable of making financial, legal, and medical decisions.
A living will can help you dictate what happens, should you require life-saving medical intervention or become incapable of making your own decisions. For anyone over the age of 18, it is a good idea to appoint a family member, friend, or lawyer you trust to have financial and medical power of attorney.
If you pass away without any plans in place, your estate will be subject to the laws of your state. Your beneficiaries will have to endure probate courtwill. This is a lengthy process, and it can cost your loved ones heavily in attorney’s fees and court costs. Your belongings may not go to the person you would have wanted them to go to, depending on your state’s laws. Planning ahead and making formal estate plans can prevent disputes.
You are never too young to look after your future. Starting while you are still young will establish the groundwork to make minor changes as you age and your needs and desires change. Taking the time to lay down your wishes can save your family considerable time and stress later on.
Are you not sure where to start with your estate plans? Our Phoenix estate planning lawyers are here to help. At Taylor & Lihn, PLLC, you will have access to 30 years of shared legal experience to help you create your estate plan and keep it up-to-date. Get started today with a free initial consultation.
Contact our office today by calling (602) 900-9860.