Estate planning is an extended process. While many people think it’s only about putting together a will, estate planning is actually something that should take place over time, so that you can have a will, trusts, guardianships and other legal documents in place to protect your beneficiaries and yourself.
Some of the common parts of an estate plan include:
- A will
- Guardianship designations
- Power of attorney designations
- Health care proxy designations
- Information on charitable donations
With these documents, creating them and leaving them without review for your entire life is a bad idea. Once you create them, you should review them as often as your attorney suggests so that you’re making sure to account for changes in your life and circumstances.
How old do you need to be to set up an estate plan?
The interesting thing about estate planning is that you can put together an estate plan at any age. Whether you’re just graduating high school and happen to have assets to protect or you’re a 40-something adult who has a family to protect if you’re ever left unable to care for yourself, everyone can benefit from starting an estate plan.
Most estate plans start with a basic will and build out from there. No matter how old you are, it’s possible to meet with an attorney and to set up that very basic, but important, legal document. Our website has more information on estate planning and why it’s better to start planning earlier rather than later. With help, it’s possible to create the perfect estate plan for your life.