When should I start estate planning?
Have you given any thought
to what will happen to your assets and possessions after you die? Despite not
being particularly enjoyable to consider, this is an important topic to pose at
various periods in one's life. You can only ensure that your end-of-life wishes
are carried out and that your loved ones are cared for after your death if you
have the correct estate plan on advise of the Estate Lawyer Near Brooklyn NY.
So, when is it appropriate to begin thinking about estate planning? You can
determine the best time to take care of each of your estate planning needs by
paying attention to important life milestones.
When Is It Necessary to
Have an Estate Plan?
Many financial planners
advise beginning an Estate Plan as soon as you become a legal adult and
revising it every three to five years thereafter. This is because, as an adult,
you are now accountable for your finances, healthcare (in some areas), and
power of attorney, and you want to make sure everything is in order. However,
most young adults' estate plans are the last thing on their minds, which is
understandable. However, there are a few frequent life events that should
always be prioritized in your Estate Plan. Consider the following life events
as indicators to start (or update) your Estate Plan, regardless of your age:
·
Savings Account - Once you've opened a savings account, the
next logical step is to designate where the money will go if you die. This
ensures that the account can be handed on to a loved one or a charitable
organization of your choice.
·
Ownership of a Home or Other Property - Purchasing a home or
other property is a good time to start thinking about estate planning, as
you'll most likely want to avoid lengthy probate court proceedings.
·
Marriage and remarriage - When assets are combined, no matter
how numerous, it is critical to begin estate planning. Take the time to think
about what would happen if one or both of your spouses died.
·
Before going on a long trip, it's a good idea to refresh your
estate plan at the very least. Especially if you travel for long periods of
time or leave the nation frequently.
·
The first child, and each subsequent child - The birth of a
child is one of the most obvious estate planning catalysts. In the event of an
emergency, you should consider guardianship and financial stability.
·
Money or other asset inheritance - An inheritance can arrive
unexpectedly, providing someone with more assets to manage during a difficult
time. When you get the opportunity, update your estate plan to reflect any
additional money or assets you may inherit.
·
Divorce - If you've recently divorced, it's vital to revise
any previous estate arrangements you had with your ex-spouse.
·
Grandchildren or new family members - With new family members
to consider, it's a good idea to amend your Will or any Trusts to ensure that
they're also taken care of.
One of the most important
things you can do to protect yourself, your family, and your future is EstatePlanning New York City. Making a Will or naming a Guardian for your
children can go a long way toward ensuring that your desires are carried out
when you pass away. When one of the above-mentioned milestones approaches, it's
a good idea to start thinking about your alternatives.
Our top-rated probate and estate legal services are available at various locations in Queens and the five boroughs of New York City. That means you are only a short ride away from our "AVVO Superb Rated" estate law team.
good post
ReplyDelete