When To Start Estate Planning
Estate planning, to many people, is something only seniors consider. To others, estate planning is designed only for those who are wealthy. However, estate planning is for everyone and for all adults who have come of age to make legal decisions for themselves. When it comes to estate planning, you are never too young for an estate plan. In fact, the best time to get started is now. If you wish to learn more about estate planning and estate plans, below is the information that you need to know.
Am I Too Young For A Will?
Having a will may not seem important in the earliest years of your life. You are caught up in the business of living, having fun, and making more money. However, similar to all other adult decisions you are making like getting married, buying a home, having kids, and more, getting your estate plan handled is just one of those decisions you have come to terms with. Having an estate plan set up does not require you to earn several thousands of dollars, you can start small and enjoy the modification of your estate plan over the years, especially as your finances grow and as your priorities change.
When Should I Make A Will?
Several milestones in your life call your attention to the need to make a will. Some of the common milestones that should remind you to make a will include;
Buying A Home
Buying a home is a significant investment. In fact, a home may go down as one of the most expensive purchases you will make in your adult life. When you buy a home, you want to make sure that your interest and those of your loved ones are protected. Getting a will can help to ensure that. You can, in your will, decide on who gets what without leaving your family fighting over their inheritance.
When you start having kids, you need to make sure that you are giving them what they need to stand alone and remain catered for even after your demise. To ensure that your kids (and more kids that you will have) get the best welfare, setting up a will is recommended. In your will, you can apportion different parts of your estates, business, possessions, and others to each kid.
Getting Married or Separating
Once you are married, you naturally need to decide on how to address your finances, separately or jointly. Whatever option you have decided upon, drawing up a will to reflect this decision is essential. In your will, you need to state unequivocally what goes to your spouse and other family members. You may also have to continuously update your will to reflect new acquisitions.
A Death in the Family
One of the biggest reminders that you need to get a will is when there is a death in the family. When a death has occurred in the family, you need to get a will drafted or update your existing will to reflect the new inheritance that has been apportioned to you.