The financial security of your family, particularly your children, is probably of utmost importance to you. Starting an estate plan is a typical first step toward ensuring that your precious loved ones will always have the support they need.
If you have heard about estate planning, you may wonder how necessary it really is and when you should begin the process.
Why do I need an estate plan?
An estate plan is an arrangement for asset distribution in the event of your incapacitation or death. This is usually accomplished through a will or by establishing a living trust. However, most Americans do not have an estate plan in any form. Without organizing the inheritance of your estate ahead of time, a court may oversee the fate of your belongings via probate.
When is an estate plan necessary?
The business experts at Experian recommend you start an estate plan as early as your 20s. This is particularly true for those who marry or have children. Even young people who remain single can benefit from getting a head start on estate planning. The common rule of thumb is to then revisit your will at least every five years to ensure that your estate is up to date with your current interests.
Managing your assets can be an overwhelming endeavor. Forming a lawyer-client relationship with an estate planning attorney can put you on the right path to navigating the complexities of distributing your finances. Starting a will as soon as possible can give you and your family peace of mind for the future.