People often wonder when they should begin estate planning. There are a lot of misconceptions regarding estate planning. For example, many people believe wills should only be created by those who are of certain net worth. Others believe you don’t need to begin estate planning until you have children. The truth is, you should begin estate planning as early as possible. Anyone who has any assets can benefit from an estate plan. In most states, you can begin the process of planning for your estate at the age of 18.
What Does Estate Planning Entail?
When most people think of estate planning, they think of a will. A will is an incredibly important part of planning for the future, but estate planning covers so much more. Estate planning can deal with everything from an advance healthcare directive to plans for your pet in the event of your passing. Life can be unpredictable, and it doesn’t hurt to plan ahead. Additionally, your estate plan will change as your life changes. It is a good idea to create a framework and then update it as needed.
Can I Do it Myself?
Many young people attempt to plan their estates online. After all, there are lots of DIY estate-planning sites. For example, you may be able to create a fill-in-the-blank-style will. While this may seem like a quick and easy way to get your estate planning done, it can often do more harm than good. Because these documents are so important, they must be created and filed a specific way. If something goes wrong, your documents may be found invalid, which can cause a lot of issues down the line.
Estate Planning With Digital Assets?
Millennials are fully immersed in the digital world, which means they most likely have several digital assets. These can include logins and passwords, websites they own/contribute to, cryptocurrency, and more. You can appoint a digital executor to handle these assets upon your passing.
If you are interested in beginning the estate planning process, contact our firm today.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.