At What Age Should You Begin Thinking About Estate Planning?
At Bratton Estate and Elder Care Attorneys, our estate planning attorneys believe there is no specific age at which you should begin thinking about estate planning. It is never too early to consider what would happen to your assets if you passed away. We can help you put a plan in place that meets your needs today, and work with you as your circumstances change through the years.
Having a valid will or estate plan in place has many benefits, but perhaps the most important is that it offers peace of mind for you about your family’s financial future if you can no longer provide for them. Depending on your specific situation and needs, we can use a will, trusts, and other tools to ensure you have control of what happens to your assets — and you can care for your loved ones — after you pass away.
Get Started on Estate Planning as Early as Possible
It is always a good time to begin estate planning. No matter if you are the breadwinner in a high-asset family with children and grandchildren or a recent college graduate with your first job, there are good reasons to consider what will happen to your family’s financial health if you pass away.
Young, single people who do not have a lot of money often think they do not need an estate plan because they do not have much to leave anyone. However, an estate plan would help your parents pay for your funeral and burial, as well as ensure they have access to your assets if something happens to you. These could include:
- Your bank account
- Your home or apartment
- Your personal belongings
- Other financial accounts
- Any available life insurance policies
Those with high-asset estates are more likely to consider having a will or an estate plan, but many people in this situation still pass away without ever putting a plan in place. This often leaves their family in court battling to gain access to assets and personal property. This is an easily preventable step if you have a valid estate plan in place.
For a legal consultation, call 856 770 2744
Common Reasons to Begin Thinking About Estate Planning
Many things cause people to begin thinking about estate planning, but some of the most common triggers our clients report to us include:
- The birth or adoption of a baby
- Buying a home
- The death of a loved one
- Adopting a grandchild or other family member
- A new job or other increase in wealth
When our clients call us, it is for a variety of different reasons. This often includes:
- Getting peace of mind about their family’s financial future
- Naming guardians for their minor children
- Deciding who gets their assets after their death
- Helping their family members avoid probate court after their death
- Appointing guardianship or conservatorship if incapacitated by illness or injury
- Making an advanced directive for health care
We can help you create a plan that meets all your individual needs. From asset protection to knowing what would happen to special needs family members after your death, we can address all your estate planning concerns.
Your Estate Plan Will Change as Your Needs Change
Many people delay creating an estate plan because they do not feel like their current situation calls for it, or they believe their situation will be changing significantly in the future. This is rarely the best approach. Instead, we build estate plans that change as your circumstances change. We build relationships with our clients, and they come back to us to update their plan as necessary.
For example, imagine you began your estate plan with us as a single person in your late 20s. We could help you add and update your plan as necessary, such as:
- When you get married
- When you purchase a home
- When you have a child
- When you have additional children
- As you near retirement age
- As you start looking into ways to pay for a nursing home or other long-term care facility
Act Now to Start the Estate Planning Process Today
At Bratton Estate and Elder Care Attorneys, our estate planning team includes not only attorneys but also social workers and a registered nurse. This allows us to take an interdisciplinary approach to estate planning law, getting to know your family and your needs before we recommend any legal options.
If you are ready to begin the estate planning process, or if you just have questions about when you need to create your personalized estate plan, reach out to our team today by calling 856 770 2744.
Estate Planning Blog Posts:
Estate Tax Exclusion Increased
The IRS has announced that the basic estate tax exclusion amount for the estates of decedents dying during calendar year 2017 will be $5.49 million, up from $5.45 million for calendar year 2016.
5 Smart Estate Planning Strategies for High-Net-Worth Families
If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s circumstances are unique, and there is no one-size-fits-all
National Estate Planning Awareness Week, October 20-26, 2014
Please join Charles C. Bratton, Esq. of Bratton Law Group Attorneys Office and his colleagues at WealthCounsel in a public relations campaign to showcase National Estate Planning Awareness Week, October
Digital Inheritances: What Will Happen to Your Online Assets after You Pass Away?
Planning for how your assets will be distributed and passed on after death is difficult enough without having to worry about how your online assets will be transferred. The world we live in today is