When should you start to consider estate planning?
The idea of estate planning may seem daunting, but the reality is that it's a lot simpler than you might have imagined. The most important thing to remember is that estate planning is a process, rather than an event. Estate planning isn't something that happens just because you turn a certain age or get married; it's something that you work on as your life changes. It's not something to wait around for until it becomes a problem—estate planning is preventative medicine.
If you're not sure where to start, think about what kind of estate plan (or plans) would best suit your family. There are three main types: a will, a trust, and joint ownership of assets. A will allows you to appoint an executor of your belongings, and gives instructions about who should receive your assets after you pass away. Setting up a trust allows for more flexibility in distributing assets, as well as privacy about who gets what. Joint ownership of assets can also provide benefits in terms of privacy and distribution of assets. If you're married, you may choose to set up one or more living trusts together with your spouse—this can keep things private between the two of you while also avoiding probate in the future.
There's no perfect time to start
People often think about estate planning only when someone close to them dies unexpectedly and the survivors are left with a complex will and lots of questions. But an estate plan is really important well before that point, and you should start thinking about it early on in life, even while you're in your 20s. Estate planning is a part of financial planning, which is important at any age because it helps us save money and make better decisions with our money. It can also help us avoid some of the common mistakes people make when they are younger, like putting off saving for retirement or not paying attention to credit card debt.
If you need an Estate Planning Attorney, please call this law firm for a free consultation
Parklin Law
5772 West 8030 South, Unit N206,
West Jordan, UT 84081
(801) 618-0699