When Should I Start An Estate Plan?
Many people believe that you don’t need an estate plan until you are nearing retirement age. However, this isn’t the case. In fact, lots of financial experts actually recommend that you start thinking about estate planning when you turn 18 years old.
Let’s discuss the basics of estate planning, and some of the life events that signify it may be time to start.
What Is An Estate Plan?
An estate plan allows you to make decisions about how your assets and property will be distributed in the event of your death or incapacitation. You can also make arrangements for who will be the legal guardian(s) of your children, should you and their other parent pass away.
Benefits of Estate Planning
While most Americans acknowledge the importance of estate planning, less than half have a will in place.
Some of the benefits of a formal estate plan include:
- Providing for your family
- Minimizing taxes
- Having control of what happens to your property and finances
When To Start Estate Planning
Certain major life events are good reasons to begin estate planning.
Some of these include:
- When you open a savings account
- After purchasing your first home
- After getting married
- Once you begin having children
- If you get an inheritance
- After divorce
- Once you begin having grandchildren
If you have an increase in wealth, assets, or your family situation changes, it is a good time to start or modify an estate plan.
Passing Away Without An Estate Plan
You may think that you have plenty of time before you need to think about life after you’re gone. Unfortunately, tragic accidents happen daily. It’s best to be prepared and have a plan in place.
If you are to pass away without an estate plan, Pennsylvania law will determine how your property and assets are divided among your surviving family members. In order to ensure your final wishes are met and prevent stress for your family, you need an estate plan.
Scranton Estate Planning Lawyer
Estate planning can be an overwhelming process; you may not know where to start. A good first step is speaking with an experienced attorney. At Rogan Law, we can help guide you through the process of estate planning. Contact us today to get started with a free consultation.