Estate planning is right for all times of life
Updated: Sep 27, 2022
Estate planning does not have to be a difficult topic. Though many New Yorkers hold off on thinking about it until after they are married or have kids, estate planning is a good step to take for any adult at any stage of life. As a person ages, their needs and preferences with regard to their estate plan may change, but those modifications can be reflected in updates to their estate planning documents.
Estate planning and estate administration attorneys are excellent resources for men and women who need estate plans, or who have estate plans that require updates. This post does not offer any legal advice, but highlights some of the ways that estate planning can benefit individuals of all adult phases of life. Once a reader is ready to begin their estate plan, they can contact their trusted New York-based estate planning attorney for help.
Planning as a young adult
Young adults may not feel as though they have any assets to protect when they are in school or are early in their careers. However, they do likely own some possessions and should want to control where those items go if they pass on. An estate plan for a young adult can be a simple set of documents that describe how they want other to inherit their possessions, information on their health care and financial directive preferences, and other end of life matters.
Planning in middle age
By the time a person reaches their 40s, they may be married, own a home, and have children. They may begin to think about the future as something more uncertain and have concerns about what will happen to their loved ones when they die. In an estate plan, individuals in middle life can establish who will care for their minor children when they die and set up trusts to protect their assets and growing wealth.
Planning for the elder years
Once an individual reaches retirement, they may be later on in life and without minor children. They may have grandkids that they want to financially support and charities they wish to provide for as patronages. They may wish to ensure they have sufficient money saved to provide for possible nursing home needs and end of life medical costs. Planning for the elder years often requires starting early and building on prior estate planning goals to reach end of life needs.
Estate planning does not have to be difficult. It does not have to wait, either. When they are ready, anyone can speak with an estate planning attorney about protecting their wealth and assets for the future.