Estate Planning Tips: Finding the Right Plan for You
Estate planning means preparing for unfortunate and unexpected events. It’s not something people like to consider, that one day they might not be here anymore, and those left behind need to be cared for. It’s much more than that, however; it’s ensuring that your last wishes are carried out, that your assets and investments are protected, and that your legacy is solid.
Planning your estate doesn’t take long, if you make the right moves. Explore some estate planning tips and learn how the right attorney can help you to find the right plan to ensure you can take care of those left behind and protect your assets.
Knowing Where You Fall
The first and most important of estate planning tips is knowing where you fall. It’s never too early to plan an estate — even those who are single and under 30 can benefit from estate planning. This is especially true for those who come out of college with outstanding jobs or otherwise find fortune, for those pursuing non-traditional relationships, or who have young children. Of course, the steps you’ll take in these circumstances will vary by your individual situation.
Estate Planning Tips for Young People
If you’re single and under 30, you may not have many assets to cover, but if you somehow strike it rich or come into an inheritance of your own, you may want to consider putting a will together. This will ensure that if an accident or the unthinkable occurs, your assets will be covered.
Likewise, if you’re living with a partner, but not married, you may want to ensure that your beloved will receive your property after death. Without marriage in place, there’s no guarantee of this, unless you plan your estate in advance. Your estate will pass through probate and the courts will distribute property, prioritizing legal family first. You may also want to consider purchasing big items like homes and cars with “joint tenancy with right of survivorship,” which ensures your partner takes ownership when you die.
When You’ve Got Kids
If you have kids, having a will and estate plan becomes absolutely essential. It allows you to determine who becomes your children’s guardians after you pass away; otherwise, the courts will appoint a guardian.
Estate planning also lets you set up a trust that can administer your assets until your children come of age, which can protect against estate and inheritance taxes as well as probate. Life insurance is another important aspect of estate planning which can cover funeral expenses and ensure your kids are cared for financially.
Later in Life
When you reach middle age or your senior years, you should absolutely plan your estate. By now you’re established and have assets to protect. In addition to insurance, wills and trusts, you’ll want to consider things like medical and financial powers-of-attorney and living wills to ensure that if you become unable to make choices on your own, your wishes are met.
Hiring an Estate Planning Lawyer
When the time comes for your late- or end of life planning, your best bet is to hire the services of a qualified estate planning attorney. At Tanko Law, we’ve helped people in Montana and Nevada with their estate planning for years, and we’re ready to help you. Contact us today for estate planning tips to get you started.