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Estate Planning at Any Age

Estate planning is important no matter your age. Whether you’ve just turned eighteen, or you’re enjoying retirement, having an estate plan can give you control over your assets and help you make decisions about your medical care in the event of a medical emergency.

Here are some important things to consider for estate planning at different stages of life:

In Your 20s and 30s

You might not think you need an estate plan when you’re young, especially if you haven’t started a family or acquired many assets yet. However, once you turn eighteen, you’re legally an adult. Both a health care proxy and a power of attorney are essential documents to have in case of illness or incapacity.

Newlywed: A new spouse is a momentous time to update or begin your estate planning. You need to consider how you want your spouse involved in your healthcare decisions. It may be uncomfortable to contemplate the thought of one spouse passing away suddenly, but it’s practical to be thorough about the necessary preparations. Many couples also put in place a prenuptial agreement before the marriage or (or a postnuptial agreement during the marriage) to set the financial terms and contemplate what happens in the event of death or divorce.

New Parents: When bringing a new baby home, it’s essential for parents to update their estate planning to ensure their child is provided for in the event that both parents pass away. It is a good time to review an existing Will to ensure the child is included in the estate plan.
It’s important to name a guardian for your child in your Will if both parents pass away while the child is still a minor. Failing to name a guardian ultimately leaves this decision to the courts. Consider creating a trust for your child as well.

In Your 40s and 50s

This age group is often referred to as the “Sandwich Generation” because they are looking after their aging parents while also raising their own family. By this age, you should have a Will or trust in place, as well as healthcare documents and powers of attorney. You also want to think about your children’s financial future and ensure that your parents’ end-of-life care has been discussed.

In Your 60s and Older

As you move toward retirement age, taking an inventory of your life and assets at this age is particularly important. You’ll also want to ensure all legal documents are updated and in order. Your estate planning documents should reflect these changes. You should begin thinking about long-term care and asset protection planning.

Regardless of your age, we are here to help you secure your future. If you have any questions about estate planning or require legal documents, contact the experienced estate planning attorneys at Conti Law.