At Bratton Estate and Elder Care Attorneys, our estate planning attorneys believe that there is no specific age at which you should start thinking about estate planning. It's never too early to consider what would happen to your property if you died. Many financial advisors would recommend starting an estate plan the moment you become a legal adult and then update it every three to five years. The reason for this is that, at 18, you are now responsible for your finances, health care (in some states) and power of attorney; and you want to constantly ensure that everything is accounted for.
However, for most young adults, an estate plan is the furthest thing from the mind, which is normal. If you're like most people, you probably think that estate planning isn't an urgent matter. Countless people continually procrastinate on this task, and for some, the unthinkable happens before they can complete it. But exactly what is the best age to start estate planning? Well, it depends more on the assets you have and whether you have children than on your age.
So, here's what you need to know. So when should you start wealth planning? Many experts recommend creating an estate plan once you become a legal adult and updating your plan every few years (or every time you experience major changes in your life). Both of these assumptions are errors. When a person turns 18, they must have a succession plan, even if it's more basic to start.
If something unforeseen happens, not having an estate plan in place will prove to be a crucial mistake, as it can affect them now and in the future. You should also update your estate plan if someone to whom you have assigned an important role is unable to fulfill their responsibilities. I help my clients understand their options and establish a plan to protect their most valuable assets for future generations. To understand when to start estate planning, it's important to first understand the different aspects of an estate plan.
Many young people believe that estate planning focuses on the transfer of assets after death, but this is not always the case. But an “estate plan” is more than just a will: most estate plans are a collection of actions, documents, and tools that serve a unique purpose. Most financial advisors will start recommending that you create an estate plan as soon as you become a legal adult. That said, it's best to expect the unexpected and make sure you have your estate plan ready as soon as possible.
If you start estate planning at age 20, you won't have much to worry about when you turn 50 or 60. Divorce: If you are divorced, it is essential to update any previous estate plan that was made with your former spouse. Only with the right estate plan can you ensure that your end-of-life wishes are fulfilled and that your loved ones are cared for after your death. An estate plan for someone in their 20s helps ensure that their wishes are met if they become incapacitated.
There are several different types of trusts, and an experienced Milwaukee estate planning lawyer can help you choose your options. At this point, with your full estate plan, you should focus on reviewing or updating your plan as appropriate. We have years of experience in a variety of legal areas including divorce, family law, criminal defense, civil litigation, land use and zoning, estate planning, elder law, will, trust, probate, probate, probate and mediation.