There is not one correct age to begin considering estate planning. Individuals of all ages and those experiencing a wide range of life stages can benefit from engaging in estate planning. The process of estate planning includes wills, power of attorney, and a medical power of attorney.
A financially unstable young adult can begin laying a foundation that they’ll later build up as they gain assets and financial responsibilities. For example, a top priority for someone who recently turned 18 is to name an agent under a medical durable power of attorney so parents can take part of their health care. This is also the age when most individuals obtain their first full-time job which may include benefits like life insurance coverage or a 401(k) plan that they will need to name beneficiaries on. Estate planning encompasses more than assets one has but also debts. Considering the student loans many young adults incur for college is essential in case the unimaginable happens since that debt could tragically become a loved one’s responsibility if they have co signed for any loan.
As a person ages, the things they need to consider changes. New parents will have different estate planning needs than parents of high-school aged children or a middle-aged married couple without children. This is why there’s no correct age to start thinking about estate planning. There is no one-size-fits-all estate planning solution because not only will everyone have different needs but each individual’s needs will evolve as they progress through their life.
McCleary & Associates, P.C. has over 30 years of estate planning experience and is accepting new clients of all ages who are ready to begin the estate planning process. For more information about McCleary & Associates. P.C. please visit our website at mcclearylaw.com or contact me at (810) 516-5116.
Author - David McCleary
Divorce, Probate, Elder and Estate Planning Lawyer
For More Information