Many assume that estate planning is only for older adults, which couldn’t be further from the truth. Ensuring that you have an idea of what you would like to happen to your funds and assets is crucial to providing peace of mind, regardless of how old you are. If you’re thinking about planning your estate, you’ll likely have questions. Keep reading to learn more and discover how a Putnam County Estate planning attorney can help guide you through the process of taking the future into your own hands.
Is It Too Early to Start Planning Your Estate?
Whether you’re a young professional in your 20s or a parent of four in your mid-40s, planning your estate is crucial to ensuring your loved ones are financially supported. If you own property, have a savings account, or have children, creating an estate planning document is vital, as you’ll want to ensure your wishes are met should you pass away.
If you do not have a will and pass away, your assets will go through intestacy. This means the state will take over control of your estate planning, meaning they will follow state laws to distribute your property. These rules may not align with what you would like to happen with your belongings.
When you have a new child, get married or divorced, receive an inheritance, or get a new job with a significant pay raise, you should create or update your will if you haven’t already.
What Documents Should I Set Up?
One thing many aren’t sure about surrounds what documents they should set up. However, a will is often regarded as one of the most vital estate planning tools, so you should start there.
A will allows you to dictate what you want to happen to your funds, properties, assets, and stocks. Similarly, if you have children, you can name who you would like to assume legal guardianship of them. This can help ensure your children are cared for by a person you trust.
As you grow older and accumulate more assets, you may want to consider setting up a trust, which allows you more control over your funds and properties. Similarly, items included in a trust are not subject to probate, which can be a costly and exhaustive process.
Do I Need an Attorney?
If you’re ready to start planning your estate, ensuring you have the assistance of an attorney is crucial as it guarantees your assets are covered. The last thing you want is to create a will, only for it to be legally invalid, meaning your estate plan will not be followed, despite outlining your wishes.
The Law Office of Andres D. Gil, PLLC is here to help. Our firm has the experience necessary to help you prepare for the future and ensure your loved ones are taken care of after your passing. Reach out today to learn how we can help you.