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.
Estate planning is something that you probably don't think about much if you're young and don't yet have a family. Despite this, it's always smart to start planning your estate as soon as you can. You may just be starting out in your career or have purchased a home for the first time; whatever you're doing in life, you want to take steps to protect it with your estate plan.
While it is never pleasant to contemplate one's own mortality, responsible spouses, parents and grandparents want to make things easier for their loved ones when they pass away. That's why most decide to plan their estate distribution and other related matters while they are still able to execute these legal documents.
When you think about estate planning, you're probably thinking about it as an individual. After all, your death or injuries will involve you on your own. However, when you plan for your passing or for a severe injury, you may wish to do so with your significant other.
One thing that people need to start accounting for in their estate plans is the protection of their digital accounts and assets. Take, for example, the number of people who have accounts on Facebook, Instagram, Twitter and other social media pages. These accounts can be left open after a person's death, closed or converted into legacy accounts, which can be used to mourn, celebrate and remember a person after they've passed away.
When you are planning for old age and beyond, you'll be making changes to your estate plan. Your estate plan is a group of important legal documents that dictate what you'd like to see happen if you are unable to make decisions for yourself or if you pass away.
Everyone needs an estate plan, whether you're a young 20-something-year-old or marching over the hill. Estate planning early in life is a good idea, but no matter how old you are, you always have the option to start.
Estate planning is an important part of growing older. As you age, you collect more assets and become wealthier. As a result, you may have many assets by the time you reach retirement (or sooner).
A lot of people who do not have estate plans in place will tell you that they just have not gotten around to it yet. They feel like they're too young to worry about it. They plan to take care of it when they get older.
Many individuals draft wills once they accumulate assets or when they marry, get divorced or have kids. Others may simply have a power of attorney drawn up to allow someone else to make health care or financial decisions on their behalf. Few engage in business succession planning, though.