Estate planning is one of those adulting things that tends to be put off by many people. When is the right age to create an estate plan? The right time is as soon as possible, and it should be revisited often as life progresses.
Here’s a breakdown of what estate planning goals should look like by age:
1. In your 20’s: This is the first time people are truly adults on their own. Most likely, they don’t have many assets, but it’s a good idea to set a plan for living wills, any possessions or care of pets. For those who have high-risk jobs or enjoy a high adventure lifestyle, estate planning is an especially good idea.
2. In your 30’s: At this point, many people are married and have kids or are starting to have kids. They’ve also begun to accrue personal wealth and assets such as homes. Now that you probably have a spouse and kids, it’s important to set estate plans to protect the family. Anybody with children should have a will than contains guardianship provisions about who you would want to take care of your kids if something were to happen to you and well as a trust to hold assets to be used for your children.
3. In your 40’s and 50’s: Looking ahead to retirement, grown kids and larger assets, it’s necessary to revise your estate plans. For example, if children are grown, you won’t need clauses for guardianships, and education trusts for them.
4. Retirement and beyond: This is a time where people take a good look at their estates. Of concern at this stage of life are health care, end of life care, living wills, and more detailed inheritances. At this point, many people get more detailed about their wishes for their estate, specifying sentimental items and specific requests.
As life changes through the years, estate plans change as well. While it’s always a good idea to have one as an adult, it’s also a good idea to revise the plans throughout your life to ensure that the plans still make sense for your situation. Schedule a consultation with Thornton Law Firm for your estate planning needs in the Raleigh area today.