Creating an estate plan is an important step everyone should take. It is a common misconception that only the wealthy create estate plans, but the fact is that preparing for the future is something everyone should do. Not only is estate planning for anyone, regardless of wealth, it is also never too soon to start. If necessary, you can always update your estate plan as your needs change.
Now is a Good Time to Start
Ideally, everyone over the age of eighteen should have estate planning in place, although most people do not consider it until much later. The "Planning" part of estate planning is about avoiding chaos and conflict in the aftermath of someone's passing regardless of whether that person is twenty-five or eighty-five. Having one in place can give you peace of mind and assurance that your family will be provided for in the aftermath of your passing. Whether you are a college graduate who just started your first job or the breadwinner of a high-net-worth family, assigning beneficiaries to your assets is important. At the very least, it may help your loved ones pay for your funeral.
It can also give them access to the following assets:
- Your bank account and other financial accounts
- Your personal belongings
- Your apartment or home
- Life insurance policies
Without an estate plan in place, your loved ones will have to fight in court to gain access to your personal property and assets, which can take a considerable amount of time, incur vast legal fees, and create a lot of conflict.
Here are some reasons why you might want to start thinking about estate planning:
- You got married
- You bought a home
- You had a baby or adopted a child
- A loved one passed away
If you have minor children, you can name a guardian in your estate plan in the event you and your co-parent pass away.
Additionally, an estate plan can do more than simply plan for how your assets will be distributed after your death. You can also name a power of attorney, someone who will make financial and health care decisions on your behalf if you become incapacitated.
Schedule a Free Consultation with a Knowledgeable Estate Planning Attorney Today!
It is never too soon to start thinking about creating an estate plan. At Jerimy Kirschner & Associates, PLLC, our experienced legal team will work with you to create an effective estate plan that meets your unique goals and needs.
Reach out to our law firm today at (206) 203-8802 to request a free consultation with a member of our team to get started.